Bright Scholar Stock Drops 3% Despite Improvement in Revenue, Income
Shares in Bright Scholar Education Holdings Ltd. (NYSE: BEDU) closed down 3 percent Friday, at $9.30 apiece, despite the company reporting 30 percent revenue growth for its third fiscal quarter, as well as a 27 percent increase in student enrollments.
The Foshan-based company, which operates international and bilingual K-12 schools in China, said in a statement after markets closed Thursday that it collected $100.7 million in revenue in the three months through May compared with $78.6 million a year earlier. Net income attributable to shareholders was $20 million, or 16 cents per share, up from $19.5 million, or 15 cents per share, a year ago.
Total average student enrolment was 44,632, with enrollments in the kindergarten sector increasing the most, according to the report.
"We continued to expand our global network of premium schools at an accelerated pace in this quarter," Jerry He, Bright Scholar's chief executive officer, said in the statement.
He added, "We have made two further acquisitions to expand our overseas school portfolio. Our multi-year strategic investments are pivotal to scaling our business, expanding our global school network, enhancing education quality and broadening our educational service offerings that distinguish Bright Scholar as a global premium education service provider."
For the current fiscal year, Bright Scholar reaffirmed its guidance for its average student enrollment to be between about 44,000 and 45,000, representing a year-over-year increase between 20 percent and 23 percent, and that the company's revenue would range from 2.39 billion ($347 million) to 2.46 billion yuan ($357 million) representing an increase of between 39 percent and 43 percent from the year before.
U.S. Stocks Rise on Reopenings as Investors Put Aside Protests
Secoo Skyrockets 52% on $100 Million Share Sale to New Partner Qudian
Kingsoft Cloud Stays Solid in Trading & Financials
Zoom Soars 6% After Revenue Beat
Huawei Shipments Fall 27%, Apple Also Slides Amid Covid-19 Related Slowdown
Megvii Technology Still Weighing Hong Kong Listing; Could Choose Shanghai