New Oriental Education Extends Share Buyback Program

The Board of Directors of New Oriental Education & Technology Group Inc EDU authorized the extension of its share repurchase program.
The repurchase program, launched in July 2022, will be extended over the next twelve months through May 31, 2024.
As of May 31, 2023, the company has repurchased around $191 million worth of its ADSs and has a balance of about $209 million remaining under the program.
Post extension, EDU can repurchase shares in the form of ADSs and/or common shares through May 31, 2024.
Last month, EDU reported Q3 FY23 sales growth of 22.8% year-on-year to $754.15 million, beating the consensus of $718.40 million and adjusted earnings per ADS of $0.56, surpassing the analyst consensus of $0.33.
Operating cash flow for the three months totaled $190.5 million.
Price Action: EDU shares are trading lower by 3.13% at $41.42 premarket on the last check Tuesday.