2023-04-19 06:52:09 ET
New Oriental Education & Technology ( NYSE: EDU ) shares gained sharply in Wednesday’s premarket trading after topping Q3 earnings expectations.
The Chinese education provider posted $0.56 in earnings per share for the quarter, rising $0.30 above consensus estimates. Meanwhile, a 22.8% rise in revenue year over year to $754.15M beat the Street consensus by $38.62M.
“In the third fiscal quarter, we continued to make solid progress in all key business lines given a favorable environment of recovery as the pandemic subsides. Our overseas test preparation and overseas study consulting businesses increased by approximately 13% and 5% year-over-year, respectively,” Executive Chairman Michael Yu commented. “Simultaneously, our educational new business initiatives have sustained a strong momentum and generated meaningful profit in this fiscal quarter.”
CFO Stephen Zhihui Yang added that the company continued to improve margins and profitability in the quarter. Non-GAAP operating margin for the quarter rose 11.7% year over year. respectively.
“We are determined in pursuing profitable growth for all business lines and maintaining a healthy growth with improving operational efficiency and service quality,” Yang concluded. “We are confident in creating sustainable value for our customers and shareholders in the long term."
Shares of New Oriental Education ( EDU ) rose 6.56% before the bell on Wednesday.
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New Oriental Education stock surges on earnings beat