New Oriental Education & Technology Group (EDU) has released its financial results for the first quarter, reflecting a notable increase in profit compared to the same period in the previous year, surpassing analysts' forecasts.
The company's net income reached $245.43 million, equating to $1.48 per share, up from $165.39 million or $0.99 per share in the first quarter of last year.
Adjusted for specific items, New Oriental reported earnings of $264.73 million or $1.60 per share for the quarter.
On average, analysts anticipated earnings of $1.49 per share, based on data collected by Thomson Reuters, which typically excludes one-time items from estimates.
The revenue for the quarter experienced a significant rise of 30.5%, reaching $1.435 billion, compared to $1.100 billion in the corresponding quarter of the previous year.
In summary, New Oriental Education & Technology Group's key financial indicators (GAAP) for the first quarter are as follows:
- Earnings: $245.43 million versus $165.39 million for the previous year
- Earnings Per Share (EPS): $1.48 compared to $0.99 last year
- Revenue: $1.435 billion against $1.100 billion in the prior year
**Guidance:** The company projects revenue for the next quarter to be in the range of $851.4 million to $871.8 million.
