Apollo Soars on Q3 Results, Revised Outlook
Private education provider Apollo Group (NASDAQ: APOL) released its fiscal third-quarter earnings results after the closing bell on Monday. The company reported net income of $134 million or $1.13 per share, compared to $212.4 million or $1.51 per share, in the year ago period.
On an adjusted basis, income was $142.3 million or $1.20 per share, compared to $203.5 million or $1.45 per share, in last year's corresponding quarter. This easily surpassed Wall Street analysts' consensus EPS estimates of $0.97.
Net revenue in the quarter was down 8.5 percent to $1.13 billion versus $1.24 billion in last year's third-quarter. This came in slightly ahead of Street consensus revenue estimates of $1.12 billion.
Looking ahead, Apollo said that it expects consolidated net revenue of between $4.2 billion and $4.3 billion for fiscal 2012. This compares to current Wall Street consensus revenue estimates of $4.28 billion.
The company expects adjusted operating income to be between $700 million to $740 million compared to its previous guidance of $625 million to $725 million for fiscal 2012.
In Monday's after hours trading session, APOL shares have surged 9% to $35.39 on the back of the strong Q3 results and lifted outlook.
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