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New Oriental Education Extends Share Buyback Program

The Board of Directors of New Oriental Education & Technology Group Inc (NYSE:EDU) authorized the extension of its share repurchase program.…
byLekha Gupta
June 6, 2023
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  • The Board of Directors of New Oriental Education & Technology Group Inc (NYSE:EDU) authorized the extension of its share repurchase program.
  • The repurchase program, launched in July 2022, will be extended over the next twelve months through May 31, 2024. 
  • As of May 31, 2023, the company has repurchased around $191 million worth of its ADSs and has a balance of about $209 million remaining under the program. 
  • Post extension, EDU can repurchase shares in the form of ADSs and/or common shares through May 31, 2024.
  • Last month, EDU reported Q3 FY23 sales growth of 22.8% year-on-year to $754.15 million, beating the consensus of $718.40 million and adjusted earnings per ADS of $0.56, surpassing the analyst consensus of $0.33.
  • Operating cash flow for the three months totaled $190.5 million.
  • Price Action: EDU shares are trading lower by 3.13% at $41.42 premarket on the last check Tuesday.
 
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