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Sep 30, 2021
Lincoln Tech Q3 2021 Earnings Report
Reported solid third quarter results with revenue and operating income increasing.
Key Takeaways
Lincoln Educational Services Corporation reported a 13.0% increase in revenue to $89.1 million and a 49.6% increase in operating income to $5.7 million compared to the prior year quarter. The company's student population also increased by 6.4% to 14,000.
Revenue increased by 13.0% compared to the prior year quarter.
Operating income increased by 49.6% compared to the prior year quarter.
Student starts were 5,430 compared to 5,510 for the prior year quarter.
Ending student population increased by 6.4% compared to the prior year quarter.
Forward Guidance
Lincoln is refining its 2021 full year guidance.
Positive Outlook
- Revenue growth in the range of 12% to 14%
- Student start growth in the range of 7% to 8%
- Adjusted EBITDA in the range of $35.0 million to $37.0 million
- Pre-tax Income in the range of $25.0 million to $27.0 million
Challenges Ahead
- Guidance excludes the gain related to the sale-leaseback transaction
- Guidance excludes the associated expenses in the fourth quarter
- Capital expenditures of approximately $7.5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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