Lincoln Educational reports Q1 EPS 6c, two estimates 4c

Reports Q1 revenue $117.5M, consensus $114.7M. Student starts grew by 16.2%, starts increased 20.9% excluding the Transitional segment. Quarter-end student population rose by 15.2%, or 18.3% excluding the Transitional segment. The company states: “We delivered a strong start to 2025 with exceptional student start growth, double digit revenue growth and a 63% increase in adjusted EBITDA,” said Scott Shaw, President and CEO. “Our growth reflects the continued execution of our expansion strategy, while operational improvements have enhanced the scalability of our platform and improved our profitability. Given our strong first quarter performance and positive momentum, we are raising our full-year guidance. New campus development and program replications remain central to our growth. We successfully completed the relocation of our Nashville, Tennessee campus in March, and the Levittown, Pennsylvania campus relocation remains on track for completion in the second half of the year. Our next new campus in Houston, Texas is expected to open its doors to students by year-end, followed by Hicksville, New York by end of 2026. We also launched two new programs at existing campuses this quarter and anticipate rolling out five additional offerings in high demand fields in the coming months. Student interest in Lincoln’s programs and demand for our graduates remains robust, driving our geographic and program expansion. We continue to evaluate expanding to additional markets with high unmet demand for our career-focused training. Based on our progress to date, we are confident in our ability to achieve our 2027 targets of approximately $550M in revenue and $90M in adjusted EBITDA.”