Tuesday, New Oriental Education and Technology Group Inc. (EDU) said its second-quarter GAAP net income declined to US$1.10 million or US$0.01 per share from US$3.06 million or US$0.02 per share in the prior year period. GAAP net income per ADS was US$0.03, lower than US$0.08 in the earlier period.
Non-GAAP net income for the quarter decreased to US$5.47 million from US$7.37 million in the year-ago period. Non-GAAP net income per ADS was US$0.14, down from US$0.19 in the same period last year. On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter.
Net revenues for the quarter increased to US$61.19 million from US$49.43 million in the comparable period. Six analysts estimated revenues of $61.83 million for the quarter.
New Oriental expects third-quarter total net revenues to be in the range of US$82.5 million - US$85.1 million, representing year-over-year growth in the range of 26% - 30%,respectively. Six analysts estimate revenues of US$86.77 million for the quarter.
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