NEW YORK - Bright Horizons (NYSE:BFAM) Family Solutions Inc. (NYSE: BFAM) saw its stock jump 3% after the child care provider reported better-than-expected third quarter results and raised its full-year outlook.
The company posted adjusted earnings per share of $1.11, beating analyst estimates of $1.06. Revenue came in at $719 million, surpassing the consensus forecast of $713.16 million and representing an 11% increase from the same period last year.
"I am pleased to report solid financial results for the third quarter," said Stephen Kramer, Chief Executive Officer. "Total revenue increased 11% with 26% adjusted EPS growth."
Bright Horizons saw strong performance across its segments. Full service center-based child care revenue grew 9% YoY to $486.6 million, while back-up care revenue surged 18% to $201.8 million on stronger-than-expected utilization.
Looking ahead, the company raised its full-year 2024 guidance. It now expects earnings per share of $3.37 to $3.42, up from its previous outlook and above the $3.36 analyst consensus. Revenue is projected 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 growing demand for child care and early education services.
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