New Oriental Education & Tech Grp (NYSE: EDU) shares are trading higher by 19.94% to $25.26 Wednesday morning after the company reported better-than-expected first-quarter EPS and sales results.
What Happened?
New Oriental Education reported quarterly earnings of 48 cents per share which beat the analyst consensus estimate of 36 cents. The company reported quarterly sales of $744.82 million which beat the analyst consensus estimate of $675.13 million by 10%. This sales figure is otherwise a 42.71% decrease over sales of $1.30 billion in the same period last year.
On July 26, the company's board of directors authorized a share repurchase program, under which the company may repurchase up to US$400 million of the Company's ADSs or common shares during the period from July 28, 2022 through May 31, 2023.
As of October 25, the company accumulatively repurchased an aggregate of approximately 1.6 million ADSs for approximately US$39.6 million from the open market under the share repurchase program.
Stephen Zhihui Yang, New Oriental's Executive President and Chief Financial Officer, commented, "We are pleased to have achieved turnaround in profitability this quarter upon the restructuring throughout the last fiscal year."
According to data from Benzinga Pro, EDU has a 52-week high of $29.80 and a 52-week low of $8.40.
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