Courtesy of Benzinga
Apollo Group, Inc. (NASDAQ: APOL) shares are soaring in after-hours trading, after the company reported better than expected earnings.
The company reported third quarter earnings of $1.45 per share on $1.24 billion in revenues. Wall Street had been expecting earnings of $1.33 per share on $1.2 billion in revenues.
“During the third quarter, we continued to execute on our key initiatives to improve outcomes, enhance student protections, and elevate the educational experience throughout every touch point of the student lifecycle,” said Apollo Group Co-Chief Executive Officer and Apollo Global Chairman Greg Cappelli. “We are encouraged by the progress we are making in improving retention rates and continuing to shift the mix of our students toward higher degree level programs.”
Apollo Group Co-Chief Executive Officer Chas Edelstein added, “We are committed to differentiating the University of Phoenix by focusing on academic quality and delivering a world class student experience. Our actions, over time, are intended to elevate the brand and reputation of our institutions, improve student outcomes, reduce enterprise risk, and position us for stable, long-term growth.”
The Company offers the following commentary regarding the outlook for fiscal 2011 and fiscal 2012 based on the business trends observed during the third quarter of fiscal 2011, as well as management’s current expectations of future trends, which could change.
For all of 2011, Apollo Group said it sees revenues of $4.65 to $4.75 billion and operating income of $1.15 to $1.20 billion.
For 2012, the company said it sees revenues of $4 to $4.25 billion and operating income of $675 to $800 million.
At last check, shares of Apollo Group were up $1.83 in extended hours to $45.51?, a gain of 4.19%?.
