New Oriental Education & Technology Group Inc. (EDU), a provider of private educational services, on Wednesday announced that its net income increased in the third quarter, compared with last year.
Shares of New Oriental are decreasing in the pre-market trading.
For the third quarter, Net income attributable to New Oriental increased 0.1% to $87.26 million from $87.17 million in the prior year.
Earnings per ADS attributable to New Oriental increased to $0.54 versus $0.52 last year.
Adjusted net income, attributable to New Oriental decreased to $113.34 million from $132.28 million in the previous year.
Adjusted earnings per ADS, attributable to New Oriental declined to $0.70 versus $0.79 last year.
Operating income increased 9.8% to $124.52 million from $113.43 million in the previous year.
Revenue declined 2% to $1.83 billion from $1.21 billion last year.
Looking ahead, the company expects total net revenues from East Buy private label products and livestreaming business, in the fourth quarter of the fiscal year 2025, to range between $1,009.1 million to $1,036.6 million. It is a year-over-year increase in the range of 10 to 13%.
The company expects revenue in Renminbi to grow by 12 to 15% in the fourth quarter of fiscal year 2025.
In the pre-market trading, New Oriental Education is 5.09% down at $42.13 on the New York Stock Exchange.
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