New Oriental Education & Technology Group (NYSE: EDU) released its third-quarter financial results for 2024, showcasing impressive growth in key metrics. Revenue surged by 60% from the same quarter in 2023, reaching US$1.21 billion. Net income also increased by 6.8%, but the profit margin decreased from 11% in Q3 of 2023 to 7.2% in the current quarter due to higher expenses. Earnings per share (EPS) improved to US$0.53 from US$0.49 in the previous year.
The company’s performance exceeded analyst expectations on revenue, beating estimates by 11%. However, EPS fell short of analyst predictions by 11%. Looking ahead, New Oriental Education & Technology Group is expected to achieve an average annual revenue growth of 17% over the next three years, outpacing the forecasted growth rate of 11% for the Consumer Services industry in the US.
Despite strong financial results, New Oriental Education & Technology Group’s shares experienced a slight decline of 2.0% compared to the previous week. A balance sheet analysis can provide valuable insights into a company’s financial health when examined alongside its profit and loss statement.
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