WASHINGTON (dpa-AFX) - New Oriental Education & Technology Group Inc. (EDU) reported third quarter net income attributable to New Oriental of $87.2 million, a 6.8% increase year over year. Net income per share was $0.05, flat with last year. Non-GAAP net income per share was $0.06, flat with last year. Non-GAAP net income per ADS was $0.63 compared to $0.56.
Third quarter reported net revenues were $1.21 billion, a 60.1% increase year over year. The company said the growth was mainly driven by the increase in net revenues from educational new business initiatives and East Buy private label products and livestreaming e-commerce business.
New Oriental expects total net revenues in the fourth quarter to be in the range of $1.10 billion to $1.13 billion, a year over year increase in the range of 28% to 31%.
The total number of schools and learning centers was 911 as of February 29, 2024. The total number of schools was 81 as of February 29, 2024.
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