Summary by Futu AI
New Oriental reported Q4 FY2024 net revenues of US$1.14 billion, up 32.1% YoY, while operating income decreased 78.1% to US$10.5 million. Net income attributable to New Oriental declined 6.9% to US$27.0 million. The growth was primarily driven by educational new business initiatives and East Buy's private label products and livestreaming e-commerce business.For the full fiscal year 2024, net revenues increased 43.9% to US$4.31 billion, with operating income up 84.4% to US$350.4 million. Net income attributable to New Oriental rose 74.6% to US$309.6 million. The company's overseas test preparation and consulting businesses grew 17.7% and 17.3% respectively, while domestic test preparation increased 16.4%.As of May 31, 2024, the company operated 1,025 schools and learning centers, adding 277 locations year-over-year. Cash and equivalents stood at US$1.39 billion, with term deposits of US$1.49 billion and short-term investments of US$2.07 billion. For Q1 FY2025, New Oriental expects revenues excluding East Buy business to grow 31-34% YoY to US$1.25-1.28 billion.
