Reuters: Global Markets: Grand Canyon Education profit beats, raises outlook

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Grand Canyon Education profit beats, raises outlook May 7th 2012, 20:39 Mon May 7, 2012 4:39pm EDT (Reuters) - Grand Canyon Education Inc's (LOPE.O) quarterly profit beat analysts' expectations on higher enrollments and the company raised its full-year forecast. The company, which provides online and campus-based post-secondary education services, expects 2012 profit of $1.24 to $1.30 per share and revenue of $478 million to $486 million. It had earlier forecast a profit of $1.16 to $1.24 per share and revenue of $472 million to $482 million. January-March net income rose to $14.5 million, or 32 cents per share, compared with $9.5 million, or 21 cents per share, a year ago. Revenue jumped 15 percent to $117.1 million. Analysts had expected earnings of 26 cents per share on revenue of $113.5 million, according to Thomson Reuters I/B/E/S. Enrollments rose 9 percent to 46,300 students at quarter end. Shares of the Phoenix-based company rose 6 percent in extended trading to $17 from their Monday close of $16.03 on the Nasdaq. (Reporting by A. Ananthalakshmi and Kartick Jagtap in Bangalore; Editing by Supriya Kurane)

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