Brief: Grand Canyon Education, Inc. Reports First Quarter 2020 Results

Grand Canyon Education

07/05/2020 22:49

May 7 (Reuters) - Grand Canyon Education Inc  LOPE.O :
    * GRAND CANYON EDUCATION, INC. REPORTS FIRST QUARTER 2020
RESULTS
    * Q1 ADJUSTED EARNINGS PER SHARE $1.53
    * Q1 EARNINGS PER SHARE $1.49
    * Q1 EARNINGS PER SHARE ESTIMATE $1.50 -- REFINITIV IBES
DATA
    * GRAND CANYON - EXPECT LOWER SERVICE REVENUES UNDER MASTER
SERVICES AGREEMENT WITH GCU, UNDER ORBIS EDUCATION'S SERVICES
AGREEMENTS FOR Q2 & Q3 OF 2020
    * GRAND CANYON EDUCATION - BELIEVE REDUCTION IN NET REVENUE
AND
OPERATING PROFIT IN Q1 OF 2020 FROM IMPACTS OF COVID-19 WAS $1.8
MILLION
    * GRAND CANYON EDUCATION - BELIEVE POTENTIAL REDUCTION IN
NET
REVENUE IN Q2 2020 FROM COVID-19 TO RANGE FROM $9.0 MILLION TO
$10.0 MILLION
    * GRAND CANYON EDUCATION - BELIEVE POTENTIAL REDUCTION IN
NET
REVENUE IN Q3 2020 FROM COVID-19 WILL RANGE FROM $4.0 MILLION TO
$6.0 MILLION
    * GRAND CANYON EDUCATION - WITHDRAWING GUIDANCE FOR THIRD
AND
FOURTH QUARTERS OF 2020
    * SEES Q2 2020 NET REVENUE OF $179.7 MILLION
    * SEES Q2 2020 AS ADJUSTED DILUTED EPS OF $0.89

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