New Oriental Education And Technology Q3 Profit Rises - Quick Facts

(RTTNews) - New Oriental Education and Technology Group Inc. (EDU) reported a rise in earnings for the third quarter as increases in student enrollments and average selling prices contributed to a 16.4 percent growth in revenues.

For the third quarter ended February 28, the company reported earnings of $42.08 million, or $0.27 per share, a rise from $28.01 million or $0.18 per share a year ago.

Excluding share-based compensation expense, earnings stood at $47.44 million or $0.30 per share, compared with $34.73 million or $0.22 per share a year earlier.

Net revenues for the 3-month period grew by 16.4 percent to $254.41 million from $218.47 million a year earlier.

Total student enrollments in academic subjects tutoring and test preparation courses increased by 4.5 percent to around 602,900 from around 576,900 in the same period last year.

Number of schools and learning centers decreased to 700 as of February 28, 2014, from 733 a year earlier.

Looking ahead, the company expects revenues of $278 million to $287.6 million, or 16 to 20 percent year-over-year growth, for the fourth quarter.