New Oriental Education & Technology Group Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended of November 30, 2016; Provides Earnings Guidance for the Third Quarter Ending February 28, 2017
For the six months, the company reported total net revenues of $875,307,000 compared to $736,571,000 a year ago. Operating income was $152,798,000 compared to $119,447,000 a year ago. Net income was $154,465,000 compared to $134,464,000 a year ago. Net income attributable to the company was $151,422,000 compared to $134,426,000 a year ago. Diluted net income per share and ADS was $0.96 compared to $0.86 a year ago. Non-GAAP operating income was $155,844,000 compared to $128,179,000 a year ago. Non-GAAP net income was $154,468,000 compared to $143,158,000 a year ago. Non-GAAP net income per ADS attributable to the company was $0.98 compared to $0.91 a year ago. Basic and diluted Non-GAAP income per share was $0.98 compared to $0.91 a year ago.
The company expects total net revenues in the third quarter of fiscal year 2017 (December 1, 2016 to February 28, 2017) to be in the range of $408.7 million to $421.8 million, representing year-over-year growth in the range of 18% to 22%. The company projects growth rate of revenue in functional currency Renminbi is expected to be in the range of 25% to 29% for the third quarter of fiscal year 2017.