Lincoln Educational Q2 revenue $80.5M (+28.8%), net income $2.4M; raises FY2021 guidance

LINCOLN EDUCATIONAL SERVICES CORP

2021-Q2 EPS reported $0.19 revenue$158,461,000

Revenue $80.5M vs $62.5M (+28.8%); student starts up 8.0% (19.1% adjusted for COVID delays).
Net income $2.4M ($0.06 diluted EPS) vs $0.8M ($0.02) YoY; operating income $3.5M vs $1.2M.
Adjusted EBITDA $6.1M vs $3.4M; cash from ops $9.4M; ending student population +11% to 12,860.
FY2021 guidance raised: revenue growth 9-12% (prev. 7-12%), pre-tax income $24-27M (prev. $22-27M).
Transportation & Skilled Trades segment revenue up 32.7% to $57.0M; operating income $11.3M vs $4.9M.

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