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UPDATE 1-K12 Q3 results beat estimates, sees strong FY earnings
May 10, 2010 / 8:50 PM / 8 years ago

UPDATE 1-K12 Q3 results beat estimates, sees strong FY earnings

* Q3 EPS $0.20 vs est $0.12

* Rev up 25 pct

* Sees 2010 rev $380 mln to $390 mln vs est $382.4 mln

May 10 (Reuters) - Technology-based education company K12 Inc (LRN.N) posted better-than-expected quarterly results helped by strong enrollment growth, and raised its full-year net income outlook.

The company now sees 2010 net income in a range of $18.7 million to $21.2 million, up from its prior estimates of about $14.6 million to $17.1 million.

Analysts were expecting full-year earnings of 59 cents a share according to Thomson Reuters I/B/E/S.

For the third quarter ended March 31, net income was $6.1 million, or 20 cents a share, compared with $3.5 million, or 12 cents a share, a year ago.

Revenue rose 25 percent to $96.6 million while total enrollments grew 21 percent to 67,560.

Analysts on average had expected earnings of 12 cents a share, before special items, on revenue of $94.4 million.

Shares of the company closed at $23.12 Monday on the New York Stock Exchange. (Reporting by Divya Sharma in Bangalore; Editing by Roshni Menon) ((divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))

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