Welcome to our dedicated page for New Oriental Education and Technology Group American Depositary Shares (each representing ten (10) Common Shares) news (Ticker: EDU), a resource for investors and traders seeking the latest updates and insights on New Oriental Education and Technology Group American Depositary Shares (each representing ten (10) Common Shares) stock.
New Oriental Education & Technology Group, Inc. (NYSE: EDU, SEHK: 9901) is the preeminent private educational services provider in China, distinguished by its comprehensive range of educational programs, services, and products. Founded in 1993 by Michael Yu, New Oriental has built an extensive portfolio that includes foreign language training, test preparation courses, all-subjects tutoring, primary and secondary education, and specialized online education offerings.
With over 23.4 million student enrollments since inception, New Oriental has become a household name in Chinese private education, embodying a blend of interactive teaching techniques and traditional Chinese educational values. The company's recent ventures, including non-academic tutoring and intelligent learning systems, are gaining traction, evidenced by the 629,000 student enrollments in non-academic tutoring and 99,000 active users of its intelligent learning devices as of May 31, 2023.
New Oriental also boasts significant financial growth, reporting a 64.2% year-over-year increase in net revenues for the fourth fiscal quarter of 2023, mainly driven by its new educational initiatives and East Buy's private label products and e-commerce business. The company achieved an operating income of $48.1 million and a GAAP operating margin of 5.6% for the same period.
Additionally, New Oriental maintains robust liquidity, with cash and cash equivalents totaling approximately $4.5 billion as of the end of fiscal year 2023. The company also actively pursues share repurchase programs, repurchasing approximately $191.7 million worth of ADSs from the open market under its current program.
New Oriental's commitment to quality and innovation is reflected in its sustained revenue growth, diverse educational offerings, and strategic investments in technology and e-commerce. The company's executive leaders, including Michael Yu, Chenggang Zhou, and Stephen Zhihui Yang, underscore its strategic initiatives and financial health, ensuring long-term value for both customers and shareholders.
New Oriental Education and Technology Group will announce its financial results for Q4 of FY2024 on July 31, 2024, before the U.S. market opens. The results cover the quarter ending May 31, 2024. An earnings conference call will be hosted by the management at 8 AM U.S. Eastern Time (8 PM Beijing/Hong Kong Time) on the same day.
Participants can join the conference call by registering in advance to receive dial-in numbers and a unique personal PIN. Alternatively, the call can be accessed via a live webcast available on the company's investor relations website. A replay of the call will also be available on-demand until July 31, 2025.
New Oriental Education & Technology Group (NYSE: EDU, SEHK: 9901) announced an extension of its Share Repurchase Program through May 31, 2025. The program, initially launched in 2022 and amended in 2023, allows the company to repurchase up to US$153.7 million worth of shares. As of the press release date, New Oriental has already repurchased US$246.3 million worth of its ADSs. The repurchases can be executed through various means, including open market transactions and privately negotiated deals, depending on market conditions. The board will periodically review the program and may adjust its terms and size.
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