Grand Canyon Education Inc. (LOPE) Tuesday reported first-quarter net income of $20.9 million or $0.46 per share, compared to $14.5 million or $0.32 per share in the comparable quarter last year. On average, ten analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, total revenues for the quarter grew 21.3 percent to $142.03 million from $117.13 million in the prior-year quarter, while ten analysts had a consensus revenue estimate of $137.92 million for the quarter.
Looking ahead, the company expects second quarter net income in the range of $0.39 to $0.40 per share and revenues in the range of $137.0 million to $138.5 million.
Analysts currently expect the company to earn $0.39 per share for the second quarter, with revenues of $136.76 million.
The company expects full-year 2013 earnings in the range of $1.76 to $1.79 per share and revenues in the range of $577.5 million to $583.5 million. Earlier, the company projected earnings in the range of $1.68 to $1.72 per share and revenues in the range of $570.5 million to $579.0 million.
Analysts currently expect earnings of $1.72 per share for the year, with revenues of $577.36 million.
The University also announced that the Company's Board of Directors has increased the authorization under its existing stock repurchase program by $25.0 million and also extended the expiration date on the repurchase authorization to September 30, 2014.
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