Corinthian Colleges, Inc. (COCO), a post-secondary education company, reported a surge in profit for the second quarter that also came above analysts' estimates, helped by an over 30% growth in revenue. The growth is primarily driven by implementation of new programs at existing campuses, continued growth in online division, and expansion of high school recruiting programs. The company also issued a guidance for the third quarter and raised the full-year outlook.
For the quarter, the Santa Ana, California-based company's net income was $39.40 million or $0.44 per share compared to $15.08 million or $0.17 per share last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share. Analysts' estimates typically exclude special items.
Revenue grew 30.2% to $414.31 million from $318.29 million last year. Twelve analysts' were looking for revenue of $404.51 million.
Total student population at end of the quarter was 93,152, up 22.3% from 76,165 last year. Total student starts in the quarter increased 10.7% to 29,156 from 26,334 last year.
"The continued growth in student population has resulted in improved leverage of facility expenses and other fixed costs," said Peter Waller, Corinthian's chief executive officer.
"Our operating margin and cash flow from operations improved substantially compared with the prior year. We achieved these results while continuing to make substantial investments in graduate employment services and student loan default management," he added.
For the six-month period, net income surged to $72.32 million or $0.82 per share from $20.57 million or $0.24 per share last year. Net revenue increased to $802.78 million from $607.87 million last year.
Going forward, for the third quarter, the company expects earnings per share in a range of $0.45 to $0.47 on revenues of $470 million to $480 million. Analysts currently estimate third quarter earnings of $0.44 per share on revenue of $431.03 million.
The company raised its forecast for the full year 2010 and now expects earnings per share to range between $1.63 and $1.68 on a revenue range of $1.74 billion to $1.76 billion. Previous guidance called for full year earnings per share in a range of $1.55 to $1.60 on revenue of between $1.62 billion and $1.64 billion. Currently, analysts' expect earnings per share of $1.59 and revenues of $1.66 billion for the full year.
COCO is currently trading at $14.32 per share, down 0.14% on the Nasdaq.
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