Grand Canyon Education Q2 Profit Tops View; Lifts FY14 Outlook

(RTTNews) - Grand Canyon Education, Inc. (LOPE) reported that its second-quarter net income was $23.1 million or $0.49 per share, up from $19.1 million or $0.42 per share last year.

On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.45 for the quarter. Analysts' estimates typically exclude special items.

Net revenue increased 12.1% to $158.59 million, compared to $141.46 million in the year-ago period, while ten analysts expected revenue of $156.18 million for the quarter.

Looking ahead to third-quarter, the company expects earnings per share of $0.53 and net revenue of $169.0 million. Analysts expect the company to report third-quarter profit per share of $0.53 on revenue of $158.40 million. For the fourth quarter, the company expects earnings of $0.63 per share on revenue of $181.6 million.

For full year 2014, the company now expects earnings per share of $2.21 and net revenue of $676.6 million. Analysts expect the company to report full year 2014 profit per share of $2.17 on revenue of $673.96 million.

Earlier, the company expected earnings per share of $2.15 and net revenue of $672.2 million.