Strayer Education Inc. said its normalized net income for the third quarter was 28 cents per share, compared with the S&P Capital IQ consensus estimate of 22 cents per share.

EPS fell 22.9% year over year from 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.0 million, a decline of 22.3% from $3.8 million in the year-earlier period.

The normalized profit margin dropped to 2.9% from 3.9% in the year-earlier period.

Total revenue rose year over year to $102.2 million from $99.1 million, and total operating expenses rose 5.9% from the prior-year period to $97.3 million from $91.9 million.

Reported net income declined 22.2% year over year to $2.9 million, or 27 cents per share, from $3.8 million, or 35 cents per share.