NEWTON, Mass. - Bright Horizons (NYSE:BFAM) Family Solutions Inc. (NYSE: BFAM) reported second-quarter earnings that surpassed analyst expectations and raised its full-year guidance, sending shares up 1.4% in after-hours trading.
The early education and child care provider posted adjusted earnings per share of $0.88, beating the consensus estimate of $0.73. Revenue rose 11% YoY to $670 million, topping analyst projections of $665.64 million.
"We had a strong second quarter of 2024, delivering solid top and bottom-line growth," said Stephen Kramer, Chief Executive Officer. "We continued to execute well, highlighted by 11% full-service revenue growth, 15% back-up care revenue growth and 38% adjusted EPS growth."
The company's full-service center-based child care segment saw revenue increase to $507.1 million, up from $458.5 million in the same quarter last year. Back-up care revenue grew to $136.5 million from $118.8 million.
Bright Horizons raised its full-year 2024 outlook, now expecting revenue between $2.65 billion and $2.7 billion, compared to its previous guidance of $2.67 billion. The company also increased its adjusted EPS forecast to $3.30-$3.40, up from the prior $3.14 estimate.
As of June 30, Bright Horizons operated 1,032 early education and child care centers with capacity to serve approximately 115,000 children.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.