Scholastic Q4 Profit Beats Street, But Revenue Misses

(RTTNews) - Scholastic Q4 Profit beats Street, But Revenue Misses

Scholastic Corporation (SCHL) on Thursday reported its results for the fourth quarter, with earnings beating Street estimates, however, revenues fell short of expectations.

The company reported net income of $75.7 million or $2.26 per share for the quarter, an increase from last year's profit of $52.1 million or $1.46 per share. Earnings for the quarter beat analysts' average estimate of $1.70 per share.

Revenue increased to $528.3 million from $514.4 million the previous year. It missed consensus estimate of $541.76 million.

The company also approved a $100 million increase in share repurchase authorization after the company returns over $160 million to shareholders in the fiscal year.