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    Home » Franklin Covey Revenue Falls, Shares Drop
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    Franklin Covey Revenue Falls, Shares Drop

    November 2, 20232 Mins Read
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    Shares of Franklin Covey dropped on Thursday following lower-than-expected revenue in the fiscal fourth quarter. The company’s stock was down 9.9% to $34.80 in afternoon trading, reaching a 52-week low of $32.19 earlier in the day. Franklin Covey’s shares have fallen 26% this year.

    Disappointing Sales Figures

    The Salt Lake City-based organizational training company reported sales of $78 million for the quarter ended August 31, compared to $78.8 million in the same period last year. This fell short of the company’s forecasted revenue of $81.4 million and analysts’ expectations of $81.6 million, according to FactSet.

    Profit Performance

    Despite the decline in revenue, Franklin Covey achieved a fourth-quarter profit of $6.81 million, or 49 cents per share, compared to $5.58 million, or 39 cents per share, in the previous year. Analysts polled by FactSet had anticipated a profit of 49 cents per share.

    Factors Contributing to Declining Sales

    Franklin Covey attributed the decrease in sales to lower demand for its legacy products and services, as well as a decrease in onsite presentations within the enterprise division and lower materials sales in the education division.

    Future Outlook

    Looking ahead, Franklin Covey expects adjusted Ebitda (earnings before interest, tax, demortization, and amortization) of $54.5 million to $58 million for fiscal year 2024. Despite potential economic challenges that could impact results, the company is confident in achieving its guidance.

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