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Grand Canyon Education Q2 profit climbs 12.0% YOY

Grand Canyon Education Inc. said its second-quarter normalized net income amounted to 56 cents per share, compared with the S&P Capital IQ consensus estimate of 53 cents per share.

EPS increased 11.3% year over year from 50 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $26.4 million, a gain of 12.0% from $23.6 million in the year-earlier period.

The normalized profit margin increased to 15.1% from 14.9% in the year-earlier period.

Total revenue grew 10.2% year over year to $174.7 million from $158.6 million, and total operating expenses grew 9.7% on an annual basis to $132.5 million from $120.7 million.

Reported net income rose 12.9% from the prior-year period to $26.0 million, or 55 cents per share, from $23.0 million, or 49 cents per share.