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TAL Education profit misses consensus by 28.1% in fiscal Q1

TAL Education Group said its normalized net income for the fiscal first quarter ended May 31 came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

EPS increased 72.5% year over year from 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.9 million, a gain of 75.9% from $5.6 million in the prior-year period.

The normalized profit margin rose to 11.1% from 9.1% in the year-earlier period.

Total revenue increased 45.0% year over year to $89.0 million from $61.4 million, and total operating expenses rose 37.7% on an annual basis to $75.4 million from $54.7 million.

Reported net income grew 63.0% from the prior-year period to $12.9 million, or 3 cents per share, from $7.9 million, or 2 cents per share.