Lincoln Educational Raises 3Q Guidance

WEST ORANGE, N.J. (AP) — Lincoln Educational Services Corp. said Monday it expects its third-quarter earnings and revenue to exceed an earlier forecast, and announced a shareholder's offering of 4 million shares.

The West Orange, N.J.-based for-profit education provider had predicted a profit of 34 cents to 36 cents per share on revenue of $134 million to $138 million. It did not specify new guidance, but said the revised outlook is based on starts to date in the third quarter. It said it expects to begin the fourth quarter with about 9,000 more students than it had a year earlier.

On average, analysts expect third-quarter net income of 36 cents per share on revenue of $138.4 million, according to a Thomson Reuters survey.

Last month, the company boosted its 2009 outlook above analysts' expectations as its second-quarter profit and sales beat estimates. It forecast net income of $1.40 to $1.45 per share, up from a prior forecast of $1.25 to $1.30 per share. It also said it expects revenue between $518 million and $525 million for 2009, up from previous guidance of $505 million to $515 million.