Apollow Education Group Shows Better Than Expected Quarter

Apollo Education Group APOL shares are moving higher Wednesday morning after the company announced the results of its third quarter.

Revenue slightly beat the analyst consensus at $799.9 million versus $794.4 million. This is a 15.5 percent drop from the same period last year. The drop in revenue was led by a 15.9 percent decrease in degree enrollment.

Non- GAAP earnings were 15.2 percent better than expected at $0.76 versus $0.66 per share. This is a 27.6 percent decrease. This is better than the GAAP figure, which includes several special items.

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Looking forward, Revenue is expected in the range of $3.04 to $3.06 billion for full year 2014. This compares to the previous expectation of $3 billion to $3.1 billion.

Shares of Apollo Education Group were last trading 4.9 percent higher in Wednesday’s premarket at $30.71.