Corinthian Colleges Inc. (NASDAQ:COCO) reported its results for the first quarter. Corinthian Colleges is a post-secondary education company in North America. The company’s mission is to prepare students for careers in demand or for advancement in their chosen field.
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Corinthian Colleges Inc. Earnings Cheat Sheet
Results: Reported a profit of $1.6 million (2 cents per diluted share) in the quarter. Corinthian Colleges Inc. had a net loss of $9.6 million or a loss 11 cents per share in the year-earlier quarter.
Revenue: Rose 2.6% to $408.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corinthian Colleges NON-GAAP earnings of $0.06 beat the mean analyst estimate of 4 cents per share. It fell short of the average revenue estimate of $433.3 million from Zachs.
Quoting Management: “During the first quarter we continued to focus on improving the value proposition of our programs and rejuvenating growth in our ground schools,” said Jack Massimino, Corinthian’s chairman and chief executive officer. “We reduced tuition for several programs during the quarter, and our third-party lender reduced interest rates on gap financing for our students. We expect these reductions to help make our programs more affordable and attractive to prospective students.”
The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 11 cents.
After sitting in the red the quarter before, the company reported a profit last quarter. The company booked a net loss of $4.1 million, or 5 cents per share, in the third quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 8 cents a share to 7 cents over the last ninety days. The average estimate for the fiscal year is 32 cents per share, down from 40 cents ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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