Bright Horizons Shares Rise 3% on Strong Q3 Results and Positive Outlook

NEW YORK - Child care services provider Bright Horizons Family Solutions Inc. (NYSE: BFAM) experienced a 3% increase in its stock following the release of its third-quarter results, which exceeded expectations, and an upward revision of its full-year forecasts.
The company reported an adjusted earnings per share of $1.11, surpassing analyst estimates of $1.06. Revenue reached $719 million, exceeding the anticipated $713.16 million and reflecting an 11% increase compared to the same period last year.
CEO Stephen Kramer stated, “I am pleased to report strong financial results for the third quarter. Total revenue increased by 11%, while adjusted earnings per share grew by 26%.”
Bright Horizons demonstrated robust performance across all segments. Revenue from full-service center-based child care rose by 9% year-over-year to $486.6 million, while backup care revenue surged by 18% to $201.8 million, benefiting from stronger-than-expected utilization rates.
Looking ahead, the company raised its full-year 2024 forecasts. The earnings per share expectation was revised upward to a range of $3.37 to $3.42, above the analyst consensus of $3.36. Revenue is projected to reach $2.675 billion, in line with expectations.
Bright Horizons completed the quarter with 1,028 early education and child care centers, capable of serving approximately 115,000 children. The company continues to grow to meet the increasing demand for child care and early education services.