New Oriental Education And Technology Q4 Profit Surges, Beats Estimate

(RTTNews) - New Oriental Education and Technology Group (EDU) Tuesday reported 73.4 percent rise in its fourth-quarter net income, beating street expectations, with 26.6 percent increase in revenues, mainly driven by higher student enrollments in academic subjects tutoring and test preparation courses.

Net income attributable to company was $28.18 million or $0.18 per ADS, compared to $16.25 million or $0.10 per ADS in the same period last year.

On non-GAAP basis, net income attributable to company was $35.17 million or $0.22 per ADS versus $23.70 million or $0.15 per ADS prior year.

On average, 6 analysts polled by Thomson Reuters estimated earnings per ADS of $0.16. Analysts' estimates typically excludes special items.

Revenue for the quarter was $239.64 million, compared to $189.23 million in the year ago period. Analysts estimated revenue of $240.39 million for the period.

The company expects first-quarter revenue in the range of $389.6 million - $406.4 million and full-year revenue growth of 18 percent- 22 percent.

The company said it plans to continue its 'Harvest the Market' strategy in fiscal year 2014, focusing on high-quality, high-margin revenues to aggressively drive continued margin expansion and bottom line growth and to position the business for long term success.