Market Updates
U.S. Movers: Scholastic, Quanex Building Products
Scott Peters
15 Dec, 2023
New York City
Scholastic Corp. dropped 12.7% to $36.21 after the publishing company reported a decline in revenue in its latest quarter.
Revenue in the fiscal second quarter ending in November fell 4% to $562.6 million from $587.9 million, net income advanced to $101.5 million from $100.9 million, and diluted earnings per share rose to $2.45 from $2.12 a year ago.
Revenue declined after the company reduced promotional activities and also eliminated unprofitable orders from book clubs.
The company lowered its full-year 2024 revenue growth outlook to stable or slightly below the prior year compared to its previous estimate of growth of 3% to 5%.
Quanex Building Products declined 7.5% to $31.99, despite the building product maker reporting higher-than-expected revenue.
Revenue in the fiscal fourth quarter ending in October decreased to $295.5 million from $307.5 million, net income advanced to $27.4 million from $24.7 million, and diluted earnings per share rose to 83 cents from 75 cents a year ago.
The company attributed weaker sales to lower prices and softer market demand in North America.
The company did not issue fiscal year 2024 guidance, citing macroeconomic challenges compounded by season uncertainties, but said it would provide an annual estimate at the time of the release of the fiscal first quarter results.
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