Scholastic Q1 FY2023 revenue up 1% to $262.9M; operating loss widens to $58.1M; FY guidance reaffirmed

SCHOLASTIC CORP

2023-Q1 EPS reported -$1.33 revenue$262,900,000

Revenue $262.9M, +1.2% YoY; operating loss ($58.1M) vs ($32.0M) year ago.
Adjusted EBITDA loss of $35.6M vs $13.0M; driven by lower Education Solutions sales and higher freight costs.
Education Solutions revenue down $6.9M to $73.2M; Book Fairs up $12.3M to $28.3M on reward redemptions.
Affirms FY2023 guidance: revenue growth 8-10%, Adjusted EBITDA $195M-$205M.
Acquired Learning Ovations (A2i) post-quarter; paid $5.1M dividends, $5.7M share repurchases.

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