Scholastic Corporation (NASDAQ:SCHL) Q4 2024 Earnings Conference Call July 18, 2024 4:30 PM ET
Company Participants
Jeffrey Mathews - Investor Relations
Peter Warwick - President & Chief Executive Officer
Haji Glover - Chief Financial Officer
Conference Call Participants
Brendan McCarthy - Sidoti & Company
Operator
Thank you for standing by, and welcome to the Scholastic Reports Fourth Quarter Fiscal Year 2024 Results. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.
And now, I'd like to introduce your host for today's program, Jeffrey Mathews. Please go ahead, sir.
Jeffrey Mathews
Hello, and welcome, everyone, to Scholastic's fiscal 2024 fourth quarter earnings call.
Today on the call, I am joined by Peter Warwick, our President and Chief Executive Officer; and Haji Glover, our Chief Financial Officer.
As usual, we have posted the accompanying Investor Presentation on our IR website at investor.scholastic.com, which you may download now if you've not already done so.
We would like to point out that certain statements made today will be forward-looking. These forward-looking statements, by their nature, are subject to various risks and uncertainties, and actual results may differ materially from those currently anticipated.
In addition, we will be discussing some non-GAAP financial measures as defined in Regulation G. The reconciliation of those measures to the most directly comparable GAAP measures may be found in the company's earnings release and accompanying financial tables filed this afternoon on our Form 8-K.
This earnings release has also been posted to our Investor Relations website. We encourage you to review the disclaimers in the release and Investor Presentation and to review the risk factors disclosed in the company's annual and quarterly reports filed with the SEC. Should you have any questions after today's call, please send them directly to our IR email address, investor_relations@scholastic.com.
And now, I would like to turn the call over to Peter Warwick to begin this afternoon's presentation.
Peter Warwick
Thank you, Jeff, and good afternoon, everyone. Thank you for joining us.
In the fourth quarter of fiscal 2024, Scholastic continued to execute on its strategy, investing in key growth initiatives and long-term opportunities while navigating current market headwinds. Increasing pressure on spending affecting our Education Solutions and School Reading Events businesses impacted consolidated revenue last quarter, resulting in a 10%, or $53 million, decline relative to last year's strong quarter-four performance, and that's in contrast to our expectations for modest growth. Consequently, profits in our seasonally most important fourth quarter fell below the prior year and our revised guidance.