Zovio Inc (ZVO) Tops Q3 EPS by 1c, Revenues Miss

Zovio Inc (NASDAQ: ZVO) reported Q3 EPS of $0.03, $0.01 better than the analyst estimate of $0.02. Revenue for the quarter came in at $102 million versus the consensus estimate of $103 million.

Financial Results for the Three Months Ended September 30, 2020

• Revenue for the three months ended September 30, 2020 was $102.2 million, compared with revenue of $104.3 million for the three months ended September 30, 2019.
• Operating income for the three months ended September 30, 2020 was $0.7 million, compared with operating loss of $7.8 million for the three months ended September 30, 2019.
• Net income for the three months ended September 30, 2020 was $1.1 million, compared with net loss of $7.6 million for the three months ended September 30, 2019.
• Diluted income per share for the three months ended September 30, 2020 was $0.03, compared with diluted loss per share of $0.25 for the three months ended September 30, 2019.
• The Company recognized an income tax benefit of approximately $0.4 million for the three months ended September 30, 2020, compared with an income tax benefit of $0.1 million for the three months ended September 30, 2019.

"We delivered a strong third quarter of 2020 with a return to low-single digit new enrollment growth and a 320 basis point improvement in student retention, the highest level since the second quarter of 2016. Additionally, our subsidiaries - Fullstack, TutorMe and Learn@Forbes - saw further momentum with new partnerships, increased usage and increases in subscriptions, respectively. As we near year end, we continue to target the closing of the sale of Ashford University to University of Arizona, marking our final step in Zovio's evolution to a world-class education technology services company. Our innovative, flexible and data-driven solutions will undoubtedly enhance our clients' efforts throughout the students life cycle, while at the same time allowing learners to achieve superior outcomes. We are optimistic as we look to our future, and believe there remains a significant value creation opportunity for all of our stakeholders," commented Andrew Clark, Founder, President and Chief Executive Officer.

For earnings history and earnings-related data on Zovio Inc (ZVO) click here.

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