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Bright Horizons Family Solutions Q3 Profit Down; Updates FY Outlook

Bright Horizons Family Solutions Inc. (BFAM), a provider of high-quality education and care solutions designed to help employers support employees across life and career stages, reported that its third quarter net income declined to $18.2 million or $0.31 per share from $26.8 million or $0.44 per share for the third quarter of 2021, reflecting reduced gross profit contributions in the full service center-based child care segment arising from increased labor costs and acquisition-related transaction costs, partially offset by contributions from the back-up care and educational advisory services segments.

Adjusted earnings per share was $0.66 for the third quarter of 2022 compared to $0.64 for the same period in 2021.

Revenue increased 17% year-over-year to $540.2 million, primarily attributable to the acquisition of approximately 75 centers in Australia, enrollment gains at our existing centers, as well as expanded sales and utilization of back-up care and educational advisory services. The contributions were partially offset by lower foreign currency exchange rates for United Kingdom and Netherlands operations.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share and revenues of $524.23 million for the third quarter. Analysts' estimates typically exclude special items.

The company currently expects fiscal year 2022 adjusted earnings per common share to be in the range of $2.60 to $2.65 and revenue of $2.0 billion . Previously, the company expected annual adjusted earnings per share in the range of $2.60 to $2.75 and revenue of about $2.0 billion. Wall Street currently is looking for fiscal year 2022 earnings of $2.62 per share on annual revenues of $2.01 billion.

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