Apollo (APOL) Beats Q3 Views, Raises FY12 Outlook; Shares Jump
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Traders are buying shares of Apollo Group (Nasdaq: APOL) Monday afternoon following solid third-quarter results and FY12 guidance which seemed promising. The stock is up about 9 percent at last check.
The company reported net sales of $1.13 billion, down nearly 9 percent from the $1.24 billion reported in the same quarter last year. Analysts were expecting quarterly revenue of $1.12 billion. Sales from students seeking Bachelor's degrees was the only degree segment which showed annual growth, rising from $592.26 million during the year-ago quarter to $600.82 million.
Net income attributable to Apollo tumbled almost 37 percent to $134.03 million. Adjusting for certain items lead to net income of $142.29 million, or $1.20 on a per-share basis. The Street was anticipating earnings of $0.97 per share.
Apollo's Co-CEO Chas Edelstein said, "We are focused on delivering the best possible experience and service to support working adults, to address workforce needs, and to strengthen the connection to careers for our students. Evaluating key touch points, we are creating programs and support services that allow our students to focus on learning, experiencing achievements along the way to help inspire them and enhance their long-term outcomes."
Chairman Greg Cappelli added, "We are committed to being part of the solution to empower our country by providing access to affordable education and helping students develop the skills they need to succeed. We are investing in innovation to create new and better ways, enhanced by technology, to support adult learners and to connect our students' academic path to their career aspirations."
The company said it is looking for FY12 sales of $4.2 billion to $4.3 billion, better than prior guidance of $4.1 billion to $4.3 billion. Operating income for the year is expected to be in the range of $700 million to$740 million. Apollo had previously guided operating income to $625 million to $725 million.
The company reported net sales of $1.13 billion, down nearly 9 percent from the $1.24 billion reported in the same quarter last year. Analysts were expecting quarterly revenue of $1.12 billion. Sales from students seeking Bachelor's degrees was the only degree segment which showed annual growth, rising from $592.26 million during the year-ago quarter to $600.82 million.
Net income attributable to Apollo tumbled almost 37 percent to $134.03 million. Adjusting for certain items lead to net income of $142.29 million, or $1.20 on a per-share basis. The Street was anticipating earnings of $0.97 per share.
Apollo's Co-CEO Chas Edelstein said, "We are focused on delivering the best possible experience and service to support working adults, to address workforce needs, and to strengthen the connection to careers for our students. Evaluating key touch points, we are creating programs and support services that allow our students to focus on learning, experiencing achievements along the way to help inspire them and enhance their long-term outcomes."
Chairman Greg Cappelli added, "We are committed to being part of the solution to empower our country by providing access to affordable education and helping students develop the skills they need to succeed. We are investing in innovation to create new and better ways, enhanced by technology, to support adult learners and to connect our students' academic path to their career aspirations."
The company said it is looking for FY12 sales of $4.2 billion to $4.3 billion, better than prior guidance of $4.1 billion to $4.3 billion. Operating income for the year is expected to be in the range of $700 million to$740 million. Apollo had previously guided operating income to $625 million to $725 million.
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