FX.co ★ New Oriental Education & Technology Q3 Net Income Rises

New Oriental Education & Technology Group Inc., often referred to as (EDU), experienced a year over year increase of 6.8% in its third quarter net income. This income, attributable to New Oriental, was listed at an impressive $87.2 million. The net income per share remained unchanged from the previous year at $0.05. Utilizing non-GAAP net income figures, the net income per share was $0.06, also consistent with the previous year's results. Moreover, the non-GAAP net income per ADS rose from $0.56 to $0.63.

The firm's third quarter reported net revenues presented an encouraging picture, showing a significant 60.1% year over year increase, ending at $1.21 billion. This encouraging rise in net revenues can be said to be a result of a calculated boost in net revenues from initiatives relating to new educational businesses, as well as from sales of private label products under the East Buy brand and revenues from a thriving livestreaming e-commerce business.

In terms of revenue projection for the next quarter, New Oriental expects its total net revenues to stay within the range of $1.10 billion to $1.13 billion. This would represent a considerable year over year increase of anywhere between 28% and 31%.

As of February 29, 2024, the recorded total number of schools and learning centers stood at 911, with the total number of individual schools at 81.