New Oriental Education & Technology ( (EDU) ) has released its Q2 earnings. Here is a breakdown of the information New Oriental Education & Technology presented to its investors.
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New Oriental Education & Technology Group Inc. provides private educational services in China, offering a range of programs including test preparation and overseas study consulting. The company is listed on both the NYSE and SEHK.
In its latest earnings report for the second fiscal quarter ending November 30, 2024, New Oriental announced a 19.4% increase in total net revenues year-over-year, reaching approximately $1.04 billion. The company also reported a slight increase in net income attributable to shareholders.
Key financial highlights include a 31.3% year-over-year increase in net revenues, excluding certain businesses, and a reported operating income decrease of 9.8% year-over-year to $19.3 million. Net income rose by 6.2% year-over-year to $31.9 million. Despite challenges, the company maintained a positive cash flow.
Looking ahead, New Oriental’s management expressed optimism about continued growth, forecasting a revenue increase of 18% to 21% for the next quarter. The company aims to enhance operational efficiencies and expand its educational offerings to sustain long-term value.
