Why Scholastic Stock Soared Today
Shares of children's book publisher Scholastic (NASDAQ: SCHL) soared on Friday following the release of financial results for its fiscal fourth quarter of 2023. As of 10 a.m. ET, Scholastic stock is up about 13%.
Scholastic's revenues in fiscal 2023 were up only 4% year over year (YOY), to $1.7 billion. But the company's shareholders are used to modest growth like this. The big surprise in the Q4 report was its operating income. Q4 operating income soared 40% to $92 million.
Scholastic's full-year operating income finished 9% higher for the year, outpacing revenue growth. For perspective, the company's operating income was down 55% YOY through the first three quarters of its fiscal 2023. Therefore, its Q4 results facilitated a massive comeback to end the year.
Source Fool.com
