New Oriental Education & Technology Group (NYSE: EDU) has just released its third-quarter results for 2024, showing impressive growth in key financial metrics. Revenue increased by 60% from the same quarter in 2023, reaching US$1.21 billion. Net income also rose by 6.8% to US$87.2 million, although the profit margin decreased from 11% in 3Q 2023 to 7.2% in the current quarter due to higher expenses. Earnings per share (EPS) increased to US$0.53 from US$0.49 in the previous year.
The company’s performance exceeded analyst expectations in terms of revenue, surpassing estimates by 11%. However, EPS fell short of analyst estimates by 11%. Looking ahead, New Oriental Education & Technology Group is forecasted to achieve an average annual revenue growth of 17% over the next three years, outpacing the 11% growth forecast for the Consumer Services industry in the US.
While these financial results are positive, it’s worth noting that New Oriental Education & Technology Group’s shares experienced a slight decline of 2.0% from the previous week. To gain a more comprehensive understanding of the company’s financial health and position, it’s important to examine its balance sheet in conjunction with its profit and loss statement.
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