Third-quarter earnings rose sharply from a charge-soaked year-ago period at
, although the stock eased due to a minor revenue miss.
The higher education purveyor earned $106.3 million in the latest quarter compared with $15.7 million a year ago. On a per-share basis, Apollo earned 58 cents in the latest quarter compared with a loss of 59 cents a share last year. An expense related to a stock dividend accounted for the discrepancy between net income and the per-share loss in the year-ago quarter.
Excluding a charge in the latest quarter, Apollo earned $118.2 million, or 65 cents a share, matching the Thomson First Call consensus. Apollo's third-quarter revenue rose 20% from last year to $591.8 million, about $3 million short of estimates.
In early trading, the stock slipped 13 cents to $62.50.
In its press release, Apollo said its board approved a $300 million share repurchase.