By Ben Glickman
Shares of Franklin Covey surged Thursday after the company reported record sales in its recently completed quarter.
The stock rose 24% to $44.29 in morning trading. Shares are down 8% year to date.
The Salt Lake City-based professional services company said it recorded a profit of $4.6 million, or 32 cents a share, in the quarter ended May 31, compared with $7.2 million, or 51 cents, in the same period a year ago. Analysts polled by FactSet had expected per-share earnings of 32 cents.
Sales rose to $71.4 million from $66.1 million a year earlier, beating analysts’ expectations of $69.6 million. The company said its revenue in the quarter was a record.
The company said strong subscriptions to its All Access Pass and Leader in Me memberships grew in the quarter, fueling an increase in revenue.
Franklin Covey also said the company repurchased about 664,000 shares of its stock for $25 million.
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