Apollo Group Inc. (APOL: Quote) reported third-quarter net income attributable to the company of $134.0 million or $1.13 per share, compared to $212.4 million or $1.51 per share in the year ago quarter.
Excluding items, income from continuing operations attributable to the company was $142.3 million, or $1.20 per share, down from $203.5 million, or $1.45 per share in the prior year quarter. On average, eighteen analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.
Consolidated net revenue for the third quarter declined 8.5 percent to $1.13 billion from $1.24 billion in the comparable quarter last year, while sixteen analysts had consensus revenue estimate of $1.12 billion for the quarter. This decrease was principally due to lower enrollments at University of Phoenix, which was partially offset by selective tuition price and other fee changes.
For fiscal 2012, the company expects consolidated net revenue of $4.2 billion - $4.3 billion. Eighteen analysts have consensus revenue estimate of $4.28 billion for fiscal 2012.
For the same period, the company expects operating income, excluding the impact of special items to be in the range of $700-$740 million, up from its previous expectation of $625 million to $725 million.
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by RTT Staff Writer
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