Why Bright Horizons Family Solutions Stock Soared Today
Shares of Bright Horizons Family Solutions (NYSE: BFAM) jumped 10.3% on Wednesday after the child care and workforce education services provider delivered stronger-than-expected quarterly results.
Bright Horizons' fourth-quarter 2023 revenue grew 16% year over year to $616 million, while its adjusted (non-generally accepted accounting principles, or non-GAAP) net income rose 9% to $48 million, or $0.83 per share. Wall Street analysts, on average, were only modeling earnings of $0.74 per share on revenue of $591.7 million.
Bright Horizons CEO Stephen Kramer called it a "solid" quarter, highlighting enrollment gains and 15% revenue growth from the company's Full-Service segment. The company's Backup segment also saw revenue grow a better-than-expected 24% year over year during the quarter, exceeding $500 million for the full year.
Source Fool.com
