Bright Horizons Family Solutions Q4 Profit Increases

(RTTNews) - Bright Horizons Family Solutions Inc. (BFAM) reported that its net income for the fourth quarter of 2019 increased to $47.8 million from $46.7 million in the same 2018 period. It represented an increase of $1.1 million, or 2%, attributable to the expanded income from operations, and offset by a higher effective tax rate for the fourth quarter of 2019.

The tax rate for the fourth quarter of 2018 included a one-time benefit related to the finalization of tax positions for foreign tax filings. Earnings per common share was $0.81 for the fourth quarter of 2019 compared to $0.79 in the fourth quarter of 2018.

Net income increased 2% to $48 million and earnings per common share increased 3% to $0.81.

Adjusted net income increased 12% to $59 million and adjusted earnings per common share increased 12% to $1.01 from last year.

Revenue increased 9% to $521 million from the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share and revenues of $519.56 million for the quarter. Analysts' estimates typically exclude special items.

For the full year 2020, the company currently expects adjusted net income to be in the range of $242 million to $246 million or $4.11 to $4.18 per share, net income of $201 million to $204 million or $3.41 to $3.45 per share, and revenue growth of 8%-10%. Analysts expect annual earnings of $4.16 per share.