Corinthian Colleges Inc. Earnings: Shrinking Margins for Fifth Consecutive Quarter, Net Income Falls
Corinthian Colleges Inc. (NASDAQ:COCO) reported its results for the third 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 Third Quarter
Results: Net income for Corinthian Colleges Inc. fell to $4.1 million (5 cents per share) vs. $16.1 million (19 cents per share) a year earlier. This is a decline of 74.6% from the year-earlier quarter.
Revenue: Fell 6.9% to $424.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corinthian Colleges Inc. reported adjusted net income of 15 cents per share. By that measure, the company fell short of mean estimate of 17 cents per share. It fell short of the average revenue estimate of $433.3 million.
Quoting Management: “In the third quarter we continued to focus on student outcomes, fiscal discipline, and operational efficiency,” said Jack Massimino, Corinthian’s Chairman and Chief Executive Officer. “Our student attrition and graduate employment trends continue to make incremental improvement compared with the prior year, primarily the result of reducing the risk profile of our students, closing underperforming programs and schools, and our ongoing efforts to help students succeed.”
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 4 cents versus a mean estimate of net income of one cent 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 fourth quarter has risen to 15 cents per share from 14 cents. The average estimate for the fiscal year is 32 cents per share, a rise from 26 cents ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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