New Oriental Education & Technology Group Inc. reported adjusted diluted EPS for the second fiscal quarter of 2020 of 36 cents, jumping 147.3% year over year and beating the S&P Global Market Intelligence mean consensus estimate of 21 cents.
The Beijing-based educational services provider posted non-GAAP net income attributable to the company for the period ended Nov. 30, 2019, of $57.0 million, up from $23.0 million in the prior-year period and well above the Market Intelligence estimate of $32.7 million.
Revenue for the quarter jumped 31.5% to $785.2 million while operating income rose to $36.5 million from a loss of $14.9 million in the second quarter of fiscal 2019.
Chairman Michael Yu attributed the results to the growth of its tutoring businesses for K-12, middle-school and high-school students. Yu also said its kids-focused program, Pop Kids, posted strong growth during the period.
CEO Chenggang Zhou said the NYSE-listed company opened net 41 learning centers and a new training school during the period, increasing its classroom area by about 25% year over year.
For the third quarter of fiscal 2020, New Oriental expects sales to grow 23% to 26% to be in the range of $983.0 million to $1.01 billion.