Scholastic reports Q3 adjusted EPS (80c) vs. (57c) last year

Reports Q3 revenue $323.7M vs. $324.9M last year. CEO Peter Warwick said, “…In line with our expectations, Scholastic experienced modest revenue declines and higher losses in our seasonally small third quarter, reflecting the continued impact of the currently complex environment in U.S. schools on our School Reading Events and Education divisions. During the quarter, Scholastic returned over $60M to shareholders through repurchases and our regular dividend, demonstrating our confidence in the business. As we begin our largest and most profitable quarter of the year with strong expectations, we are affirming our revised FY24 guidance. Scholastic remains committed to executing on our long-term strategy, investing in content and capabilities to drive growth, maintaining a strong, efficient balance sheet, and returning capital to shareholders, as we build on our unique strengths as the world’s largest and most trusted publisher and distributor of children’s books and media.”