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Grand Canyon Education Q1 profit climbs 29.8% YOY

Grand Canyon Education Inc. said its normalized net income for the first quarter amounted to 74 cents per share, compared with the S&P Capital IQ consensus estimate of 69 cents per share.

EPS climbed 28.8% year over year from 57 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $34.9 million, an increase of 29.8% from $26.9 million in the prior-year period.

The normalized profit margin increased to 18.0% from 16.1% in the year-earlier period.

Total revenue climbed 15.9% on an annual basis to $194.1 million from $167.4 million, and total operating expenses rose 11.4% from the prior-year period to $138.1 million from $124.0 million.

Reported net income rose 29.6% year over year to $34.0 million, or 72 cents per share, from $26.2 million, or 56 cents per share.