LOPE - Why Grand Canyon Education Stock Dropped Today
Shares of Grand Canyon Education (NASDAQ: LOPE) fell sharply on Thursday following the release of the company's third-quarter results and subsequent conference call. As of 1:50 p.m. EST, the stock was down 8%.
Grand Canyon Education's revenue rose 24% year over year to $193.3 million, driven primarily by its acquisition of healthcare education services company Orbis Education in January.
The company's profits also increased at a solid clip. Grand Canyon's non-GAAP (adjusted) operating income climbed 19% to $65.9 million, while its adjusted net income came in at $59.9 million, or $1.24 per share. That was above Wall Street's estimates for adjusted EPS of $1.15.