Strayer Education Q1 Earnings Miss Estimates

reported weaker-than-expected earnings for the first quarter. The Herndon, Virginia-based company posted quarterly net income of $11.4 million, or $1.06 per share, compared to $14.8 million, or $1.40 per share, in the year-ago period. Excluding non-recurring items, the company earned $1.05 per share. Its revenue slipped 3.9 percent year-over-year to $111.9 million. However, analysts were expecting a profit of $1.06 per share on revenue of $110.1 million. The average estimate among 3 Estimize users was for earnings of $1.06 per share and revenue of $110.04 million. Income from operations decreased 23 percent to $19.9 million from $25.9 million. Capital expenditures in the first quarter increased to $2.8 million from $1.0 million. For the 2015 spring term, total enrollments at Strayer University dropped 1 percent to 40,875 students, versus 41,327 students for the spring term in 2014. No shares were repurchased during the first quarter. At March 31, 2015, Strayer Education had $188.3 million in cash and cash equivalents. Strayer Education shares fell 2.92 percent to close at $48.94 yesterday.