NEWTON, Mass. (AP) — NEWTON, Mass. (AP) — Bright Horizons Family Solutions Inc. (BFAM) on Thursday reported second-quarter profit of $40.6 million.
The Newton, Massachusetts-based company said it had profit of 79 cents per share. Earnings, adjusted for asset impairment costs and stock option expense, were $1.28 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.21 per share.
The child care and early education services provider posted revenue of $779.2 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $773.5 million.
Bright Horizons expects full-year earnings in the range of $5.05 to $5.15 per share, with revenue in the range of $3.09 billion to $3.12 billion.
Bright Horizons shares have declined 23% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $77.95, a drop of 31% in the last 12 months.
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