Bright Horizons Q2 Profit Tops View, Cuts FY22 Outlook Below Market; Stock Dips

(RTTNews) – Shares of Bright Horizons Family Solutions Inc (BFAM) declined around 2 percent in the after hours trading on the NYSE after the provider of education and care solutions trimmed its fiscal 2022 earnings forecast, and maintained revenue view, both below market estimates. This was despite reporting strong growth in season quarter results.

For the second quarter, net income climbed 33 percent to $24.95 million or $0.42 per share from last year’s $18.82 million or $0.31 per share.

Adjusted net income was $42.11 million or $0.71 per share, compared to $29.84 million or $0.49 per share a year ago.

On average, nine analysts polled by Thomson Reuters expected earnings of $0.70 per share for the quarter. Analysts’ estimates typically exclude special items.

Revenue of $490.34 million grew 11 percent from $441.48 million last year. Analysts estimated revenues of $503.46 million for the quarter.

Looking ahead, the company now expects adjusted earnings per share in the range of $2.60 to $2.75, compared to previous estimate of $3.05 to $3.25.

The company also trimmed its revenue view to approximately $2.0 billion, which includes expected contributions from Only About Children, compared to previous estimate in the range of $2.0 billion to $2.1 billion.

Analysts expect earnings of $3.06 per share on revenues of $2.04 billion for the year.

Bright Horizons settled Tuesday’s regular trading at $94.51, up 0.8 percent. In the after hours, the shares were trading at $88, down 7 percent.

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