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Grand Canyon Education: 1Q Earnings Snapshot

PHOENIX (AP) _ Grand Canyon Education Inc. (LOPE) on Tuesday reported first-quarter earnings of $73.2 million.

The Phoenix-based company said it had net income of $1.52 per share. Earnings, adjusted for one-time gains and costs, were $1.62 per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.49 per share.

The for-profit education company posted revenue of $197.3 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $195.6 million.

For the current quarter ending in July, Grand Canyon Education expects its per-share earnings to be 94 cents.

The company said it expects revenue in the range of $173.4 million for the fiscal second quarter.

Grand Canyon Education expects full-year earnings to be $5.23 per share, with revenue expected to be $776.3 million.

Grand Canyon Education shares have increased 24% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $119.65, an increase of 11% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LOPE at https://www.zacks.com/ap/LOPE