Barnes & Noble Education shares surged nearly 20% after the company announced a dividend alongside mixed preliminary fourth-quarter results. The company expects approximately $263 million in revenue, down from $278.3 million a year ago, but adjusted earnings of at least $0.05 per share, beating the consensus estimate of a $0.16 loss. The board declared a quarterly dividend of $0.08 per share, payable July 30, implying a 2.4% annual yield. CEO Jonathan Shar highlighted the First Day Complete program, which bundles course materials into tuition and has grown from 14,000 students in 2019 to a projected 1.4 million this fall, with only 36% of eligible campuses converted so far. The stock has rallied 128% from November lows but remains valued at 0.3 times trailing sales.
Barnes & Noble Education IncAnnounced a quarterly dividend and beat earnings consensus, driving a 20% stock surge.