Investors hit the books Friday, driving up shares of Scholastic (SCHL) - Get Scholastic Corporation Report after the publisher of textbooks and children's titles beat analysts' estimates with a big jump in revenue.
Scholastic's stock price jumped 3.59% after the publisher reported a 7% rise in first-quarter revenue to $232.6 million thanks in part to sales of children's best sellers like Dav Pilkey's "Dog Man: For Whom the Ball Rolls" and Tui Sutherland's "Wings of Fire: The Poison Jungle."
Scholastic's first-quarter revenue beat estimates of analysts surveyed by Zacks Investment Research, with a revenue surprise of nearly 7%. Scholastic's revenue for the quarter also represented a significant bump up over the same quarter last year, when the publisher brought in $218.4 million.
Richard Robinson, Scholastic's chairman, president and CEO, said the company wound up the first quarter with titles like "Dog Man" holding "six of the top eight spots in Publishers Weekly Children's Frontlist Fiction.
"Scholastic's trade titles and series remained on the top of best-seller lists this quarter with number one books," Robinson said in a press statement.
Scholastic also reported a narrower quarterly loss than what analysts expected. The publisher reported red ink of $1.59 a share, compared with the estimate of analysts polled by Zacks of $1.80.