Lincoln Educational Services Corporation Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Lincoln Educational Services Corporation Reports Second Quarter 2024 Financial Results
PARSIPPANY, N.J., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Lincoln Educational Services Corporation (NASDAQ:LINC) today announced its financial and operating results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimate |
|---|---|---|---|---|
| Revenue | $102.9 million | $88.6 million | +16.1% | $100.6 million |
| Earnings Per Share (EPS) | -$0.01 | N/A | N/A | -$0.01 |
| Adjusted EBITDA | $6.2 million | N/A | N/A | N/A |
Interpretation: Lincoln Educational Services Corporation exceeded Wall Street consensus estimates for revenue, posting $102.9 million, a 16.1% year-over-year increase. The company reported a net loss of $700,000, translating to an EPS of -$0.01, matching estimates. Adjusted EBITDA showed robust performance at $6.2 million.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change |
|---|---|---|---|
| Campus Operations | $102.9 million | $88.2 million | +16.7% |
| Transitional (Somerville, MA) | $0.0 million | $0.4 million | -100% |
Interpretation: The Campus Operations segment experienced a significant 16.7% revenue increase, driven by a higher student population and strong student starts. The Transitional segment posted no revenue, as the teach-out of the Somerville, Massachusetts campus was completed in late 2023.
Other Operational Data
| Operational Metric | Value |
|---|---|
| Increase in Student Starts | +12.3% |
| Increase in Quarter-End Student Population | +11.4% |
| Total Liquidity | $100 million+ |
Comments from Company Officers:
Scott Shaw, President & CEO, expressed enthusiasm for the company's transformational growth strategy, which leverages increased interest in educational alternatives and addresses the workforce skills gap. He highlighted the robust start of the new East Point, Georgia campus and ongoing development projects in Nashville, Tennessee, Levittown, Pennsylvania, and Houston, Texas.
Dividends and Share Repurchase Programs
No information on dividends or share repurchase programs was provided in the earnings release.
Forward Guidance:
Lincoln Educational Services has updated its full-year 2024 guidance, raising the lower end of its revenue range along with adjusted EBITDA, adjusted net income, and student starts projections. Capital expenditures guidance has been reduced due to the timing of capital investments related to the upcoming Houston, Texas campus.
Stock Price Movement:
Following the earnings release, the company's stock price experienced a minor increase of 0.0429%.
Contact Information: Brian Meyers, CFO Lincoln Educational Services Corporation Phone: 973-736-9340
Investor Relations: Michael Polyviou EVC Group LLC Email: mpolyviou@evcgroup.com Phone: 732-933-2755
Media Relations: Tom Gibson Phone: 201-476-0322
For more detailed information, please visit Lincoln Educational Services Corporation's website at www.lincolntech.edu .
