New Oriental Education posts 33 percent jump in 3Q profit as course enrollment grows
By APTuesday, April 20, 2010
New Oriental Education posts jump in 3Q profit
NEW YORK — New Oriental Education & Technology Group Inc. said Tuesday its fiscal third-quarter net income jumped 33 percent as it signed up more students for its language training and test prep courses.
The company’s stock closed up $7.84, or 8.5 percent, to $99.85.
New Oriental, which is based in Beijing, earned $13.8 million, or 36 cents per American depositary share, in the three months ended Feb. 28, compared with $10.4 million, or 27 cents per American depositary share, in the same quarter last year.
Analysts expected 30 cents per share, according to Thomson Reuters.
Revenue climbed 36 percent to $89.2 million, topping the average forecast of $85.6 million.
The company said enrollment during the quarter grew 18 percent over the same period a year earlier to 416,000.
