Education services company Grand Canyon Education (GCE) has reported net income of $78.1 million for the first quarter of 2021, up from $71.4 million reported for Q1 2020.
Service revenue for the year was $236.9 million, up from $221.7 million reported for the first quarter of last year.
Enrolments at Grand Canyon University (GCU) grew to 111,055 during Q1 2021, an increase of 7.2% over enrolments in Q1 2020, while enrolments at its other university partners were 4,335, an increase of 8.4%.
In its earnings release the company stated: “GCU anticipates a higher number of residential students will remain on campus during the summer semester of 2021 than in 2020 and that ancillary businesses operated by GCU such as its hotel and merchandise shops will be open. However, GCU anticipates that the revenue earned in dormitory and ancillary revenues will remain below pre-Covid levels and thus the service revenues earned by GCE will continue to be impacted.”
Grand Canyon Education is headquartered in Phoenix, Arizona.
Date published: 6 May 2021