Strayer Q2 Profit Beats View, Sees Q3 Above Estimate

July 29 (Reuters) – For-profit education provider Strayer Education Inc (STRA.O) posted better- than-expected quarterly profit, helped by strong student enrolment growth, and forecast third quarter earnings above Street estimates.

The company, which offers programs in accounting, business administration, information technology and criminal justice to working adults, forecast third quarter earnings of $1.68 per share to $1.70 per share.

Analysts on average were expecting earnings of $1.56 per share, according to Thomson Reuters I/B/E/S.

For the second quarter, Strayer reported net income of $35.7 million, or $2.60 a share, compared with $27.5 million, or $2.00 a share, a year earlier.

Revenue rose about 26 percent to $159.3 million. New student enrolment grew 17 percent, while continuing student enrolment grew 24 percent.

Analysts on average were expecting earnings of $2.56 a share on revenue of $159.4 million.

Shares of the company closed at $235.96 Wednesday on Nasdaq.

Reuters

Leave a Reply

Be the First to Comment!

Notify of
avatar