RTTNews | Apr 20, 2021 09:59AM EDT

09:58 Tuesday, April 20, 2021 (RTTNews.com) - Shares of private educational services provider in China New Oriental Education & Technology Group Inc. (EDU) are up more than 9% Tuesday morning following better-than-expected third-quarter results. The company also provided fourth-quarter revenue outlook, better than the Street view.

Net income in the third quarter was $151.33 million or $0.09 per ADS compared with $137.72 million or $0.09 per ADS in the same quarter a year ago.

Excluding items, adjusted earnings of $0.10 per ADS beat the average estimate of analysts polled by Thomson Reuters at $0.07 per share.

Net revenues for the third quarter increased 29% year-over-year to $1.191 billion. The consensus estimate was for $1.14 billion.

The company said its quarterly student enrollments Increased by 43.0% Year-Over-Year.

Looking forward to the fourth quarter, net revenues are expected in the range of $1.102 billion to $1.142 billion. Analysts' view stands at $1.09 billion.

EDU, currently at $16.57, has been trading in the range of $10.71- $19.97 in the last one year.

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