Corinthian Colleges Inc. Earnings: Back to a Profit
Corinthian Colleges Inc. (NASDAQ:COCO) reported its results for the second 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 Earnings Cheat Sheet for the Second Quarter
Results: Reported a profit of $1.8 million (2 cents per diluted share) in the quarter. The education and training services company had a net loss of $163.7 million or a loss of $1.94 per share in the year earlier quarter.
Revenue: Fell 13.8% to $415.5 million from the year earlier quarter.
Actual vs. Wall St. Expectations: COCO reported adjuted net income of breaking even. By that measure, the company was about in line with the mean estimate. Analysts were expecting revenue of $415.3 million.
Quoting Management: “In the second quarter we remained focused on student outcomes, balancing expenses with current and projected enrollment, and improving the efficiency of back-end operations,” said Jack Massimino, Corinthian Chairman and Chief Executive Officer. “Our student attrition and graduate employment trends continue to make incremental improvement, primarily the result of reducing the risk profile of our students and our ongoing efforts to help students succeed.”
The company topped expectations last quarter after falling short of forecasts in the first quarter with a loss of 4 cents versus a mean estimate of a loss of 2 cents per share.
The company reported a profit last quarter after being in the red the prior quarter. In the fourth quarter of the last fiscal year, the company booked a net loss of $3.4 million or a loss of 4 cents per share.
Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to 13 cents per share from 7 cents. The average estimate for the fiscal year is 24 cents per share, a rise from 16 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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