American Public Education Inc. (APEI: Quote) Thursday said its profit for the first quarter increased 15 percent from last year, as revenues surged. Both earnings and revenues for the quarter came in ahead of analysts' estimates. However, a weak outlook for the third quarter, send the company's stock down over 9 percent in after hours.
Net income for the first quarter improved to $9.1 million or $0.50 per share from $7.9 million or $0.43 per share in the first quarter last year. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the first quarter grew 29 percent to $75.8 million from $58.7 million in the first quarter last year. Analysts estimated revenues of $74.89 million for the quarter.
Looking forward to the second quarter, the company expects revenues to increase between about 14 to 22 percent and net income of $0.41 to $0.47 per share. Analysts currently estimate earnings of $0.51 per share on revenues of $74.48 million for the second quarter.
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by RTT Staff Writer
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