American Public Education (NASDAQ: APEI) reported Q4 EPS of $0.47, $0.06 better than the analyst estimate of $0.41. Revenue for the quarter came in at $85.9 million versus the consensus estimate of $83.8 million.

Fourth Quarter & Recent Highlights:

• Consolidated revenue increased 15.4% year-over-year to $85.9 million
• Net income increased 25% year-over-year to $7.1 million, or $0.47 per share
• Adjusted EBITDA increased 18% year-over-year to $15.8 million
• Net course registrations by new students at APUS increased 17% and total net course registrations increased 11% year-over-year to 88,400 – the fifth consecutive quarter of year-over-year growth
• New student enrollment at HCN increased 34% and total student enrollment increased 34% year-over-year to 2,139 – the highest in school history
• On March 1, 2021, APEI closed its previously announced underwritten public offering of 3,680,000 shares for net proceeds of approximately $86.4 million

Angela Selden, APEI's Chief Executive Officer said, "Our successful efforts to bring our value proposition to a wider audience have contributed to five consecutive quarters of net course registration growth at APUS and record enrollment at Hondros."

"By creating affordable pathways to support employment and career advancement, APEI aims to help learners of all backgrounds maximize their HEROI™, Higher Education Return on Investment. We believe this focus, combined with our ongoing enterprise transformation, market leadership and increased scale, will drive sustainable growth and operating leverage, as well as help us maintain an attractive regulatory profile," added Selden.

GUIDANCE:

American Public Education sees Q1 2021 EPS of $0.39-$0.44, versus the consensus of $0.22.

The following statements are based on APEI's current expectations. These statements are forward-looking and actual results may differ materially. APEI undertakes no obligation to update publicly any forward-looking statements for any reason unless required by law.

• APEI anticipates first quarter 2021 consolidated revenue to increase approximately 18%, compared to the prior year period.
• Net income is expected to be between $6.4 and $7.3 million or between $0.39 and $0.44 per diluted share.
• Adjusted EBITDA is anticipated to be between $13.8 and $14.7 million.

American Public Education expects the following results from its subsidiaries in the first quarter of 2021:

• At APUS, net course registrations by new students are expected increase by approximately 13% and net course registrations are expected to increase by approximately 9% compared to the prior year period.
• At HCN, new and total student enrollment increased approximately 45% year-over-year for the three months ended March 31, 2021.

For earnings history and earnings-related data on American Public Education (APEI) click here.