New Oriental Education & Technology Beats Estimates (EDU)

Beijing, China-based New Oriental Education & Technology Group EDU released financial results on Tuesday morning that easily beat Wall Street estimates. New Oriental Education & Technology Group announced that its 2nd quarter net income rose to $1.8 million, or 5 cents per share, up from $1.1 million, or 3 cents per share, a year earlier. Excluding special items, the company reported earnings of 13 cents per share. New Oriental Education & Technology Group reported revenue of $95.66 million, up 56.3% from $61.2 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 3 cents per share, on revenue of $84.18 million. Chairman and chief executive officer Michael Yu said, "As we predicted in last quarter's earnings call, we saw a strong bounce back from the negative effects on our business from the Shanghai World Expo, achieving year-over-year revenue growth of 56.3% to US$95.7 million and earnings growth of 65.9% to US$1.8 million. Our student enrollments grew by 32.2% to about 405,800 in the second quarter of fiscal year 2011, demonstrating strong market preference for our high quality educational programs, superior customer service and "one-stop" convenient offerings." New Oriental Education & Technology Group (EDU) finished the previous trading day at $107.71 per share. The consensus price target of analysts covering the company's stock is $103.63 per share. New Oriental Education & Technology Group is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. The company offers a wide range of educational programs, services and products consisting primarily of English and other foreign language training, test preparation courses for major admissions and assessment tests in the United States, the PRC and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education. Read more from Benzinga's Company news.