Bright Horizons Sees Stock Rise After Strong Q3 Results

NEW YORK – Bright Horizons (NYSE: BFAM) Family Solutions Inc. experienced a 3% increase in its stock following the announcement of better-than-expected third quarter results and an upgraded full-year outlook.

The company reported adjusted earnings per share (EPS) of $1.11, surpassing analyst expectations of $1.06. Revenue reached $719 million, exceeding the consensus forecast of $713.16 million and marking 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 exhibited strong performance across its segments. Full service center-based child care revenue increased by 9% year-over-year to $486.6 million, while back-up care revenue surged by 18% to $201.8 million due to higher-than-expected utilization.

Looking toward the future, the company raised its guidance for the full year 2024. It now anticipates earnings per share between $3.37 and $3.42, an increase from the previous outlook and exceeding the $3.36 analyst consensus. Revenue is projected to reach $2.675 billion, aligning with estimates.

Bright Horizons concluded the quarter with 1,028 early education and child care centers capable of serving approximately 115,000 children. The company continues to expand its footprint to meet the rising demand for child care and early education services.

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