American Public Education, Inc. APEIreported first-quarter 2018 earnings per share of 35 cents, beating the Zacks Consensus Estimate of 34 cents. Adjusted earnings in the year-ago quarter were 28 cents.
Revenues and Enrollment
Total revenues of $75 million met the Zacks Consensus Estimate. Also, revenues fell 1% year over year, thanks to lower contribution from the American Public Education segment (“APEI”).
The company operates through two segments — American Public Education segment and Hondros College, Nursing Programs (“HCN”).
APEIprimarily includes operations of American Military University and American Public University. Together, they are referred to as American Public University System (“APUS”).
Revenues declined 3.6% to $65.7 million due to a fall in net course registrations.
During the quarter, total net course registration at APUS declined 4% year over year and net course registrations by new students fell 11%. Student enrollment at APUS declined 5% year over year as of Mar 31, 2018.
Hondros College of Nursingrevenues rose to $9.3 million in the first quarter compared with $7.6 million in the prior-year quarter owing to higher new enrollments.
Total enrollment in the Hondros College Nursing Programs increased 19% year over year to 2,040 students and new student enrollment rose 11% year over year.
Inside the Headline Numbers
Income from operations before interest income and income taxes was $6.2 million compared with $8.3 million in the prior-year quarter.
Total costs and expenses increased 2.1% year over year to $68.8 million in the quarter.
American Public Education, Inc. Price, Consensus and EPS Surprise