NEW YORK – Shares of Bright Horizons Family Solutions Inc. (NYSE: BFAM) jumped 3% after the child care provider reported better-than-expected third-quarter results and raised its forecast for the full year.
The company posted adjusted earnings per share of $1.11, beating analysts' estimates of $1.06. Revenue came in at $719 million, beating consensus forecasts of $713.16 million and representing an 11% increase from the same period last year.
“I am pleased to report strong financial results for the third quarter,” said Stephen Kramer, Chief Executive Officer. “Total revenue increased 11% with adjusted EPS growth of 26%.”
Bright Horizons performed well across all its segments. Full-day center-based child care revenue increased 9% year-over-year to $486.6 million, while back-up child care revenue jumped 18% year-over-year. % to $201.8 million thanks to higher than expected utilization.
Looking ahead, the company raised its guidance for full-year 2024. It now expects earnings per share of $3.37 to $3.42, up from its previous guidance and above analyst consensus of $3.36. Revenue is expected to reach $2.675 billion, in line with estimates.
Bright Horizons ended the quarter with 1,028 early education and child care centers, with capacity to serve approximately 115,000 children. The company continues to expand its footprint to meet the growing demand for child care and early education services.
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