Childcare and early education group Bright Horizons Family Solutions has reported a net loss of $6.7 million for the third quarter of 2020, compared to net income of $41.3 million reported for the third quarter of 2019.
Revenue for the quarter was $337.9 million, down 34% from $551.6 million reported for Q3 2019.
The Watertown, Massachusetts-based company also reported results for the first nine months of 2020. Its net income for the period was $24.4 million, down from $132.6 million reported for the first nine months of last year.
Revenue for the nine-month period was $1.14 billion, down from $1.54 billion reported for the first nine months of 2019.
Despite headwinds, Bright Horizons’ share price is up 9% year-to-date, trading at around $168.
Bright Horizons chief executive Stephen Kramer said: “I am really pleased with the great progress we made in the quarter to reopen our centres and continue to partner with employers and working families who need our services now more than ever.
“We are excited to have nearly 90% of our centres open and tens of thousands of children re-enrolled in our high-quality care and education programmes. Our success in reopening centres and re-enrolling families is underpinned by our commitment to providing a safe and nurturing environment for children to learn and our resolve as an organisation to respond quickly during these challenging times to meet the needs of clients and families.
“2020 has been an incredibly difficult year for working parents juggling the demands of work and family. The need for additional supports has never been greater and it has been very encouraging to see so many of our clients investing in solutions to help their employees.
“The events over the last several months have clearly highlighted that childcare is critical to the country’s economic recovery and stability and we are proud to partner with so many leading employers to help parents get back to work while their children receive high-quality care and education.”
Date published: 12 November 2020