Phoenix Education Partners shares fell nearly 13% on Wednesday after the company reported fiscal third-quarter results that missed analyst profit estimates. Net revenue came in at just under $272 million, marginally higher than the same period last year, while non-GAAP net income declined to $55.8 million, or $1.43 per share, from $59.5 million a year earlier. Analysts had expected adjusted earnings of $1.57 per share. The company cited higher advertising expenses and restructuring costs as factors weighing on profitability, and average total degreed enrollment edged up only slightly to 85,300 from 84,800. For the full fiscal year, Phoenix guided for net revenue of $1.02 billion to nearly $1.03 billion and adjusted EBITDA of $246 million to $250 million, with the revenue outlook falling just below the average analyst estimate.
Phoenix Education Partners, Inc.Reported fiscal Q3 earnings miss and lower-than-expected revenue guidance.