Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Prudential Trims Scholastic Outlook


Prudential cut its estimates on Scholastic (SCHL).

The global publishing comany posted lower than expected $1.85 vs. $1.69 earnings per share for the second quarter. Analyst Steven Barlow says the earnings per share missed his $1.95 estimate, and the $1.91 consensus. He notes lowers sales in book clubs and a lackluster economy contributed to the weakness.

Barlow says Harry Potter trade sales, which have higher margins, are not as robust as the company had hoped. Therefore, he lowered his $2.80 fiscal 2003 (May) earnings per share estimate to $2.70. He sees $3.10 fiscal 2004 earnings per share. Barlow maintains his buy rating, however, as the timing of the release of Harry Potter book five doesn't affect his estimates so long it releases within 2003, which looks likely. He remains cautions against an overreaction to the lowered guidance, and is keeping his $51 target.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus