RTTNews | Jul 29, 2020 06:51AM EDT

06:51 Wednesday, July 29, 2020 (RTTNews.com) - Strategic Education Inc. (STRA) reported better-than-expected second-quarter results and declared a regular quarterly cash dividend of $0.60 per share.

Net income was $35.2 million or $1.60 per share compared to $11.5 million or $0.52 per share for the same period in 2019.

Adjusted net income was $46.5 million or $2.11 per share compared to $36.7 million or $1.66 per share last year.

Revenue increased 7.6% to $265.3 million from $246.5 million in the prior year period.

Analysts polled by Thomson Reuters expected earnings of $1.69 per share on revenue of $246.54 million for the quarter. Analysts' estimate typically exclude certain special items.

At March 31, 2020, Strategic Education had cash, cash equivalents, and marketable securities of $506.3 million, and no debt.

Capital expenditures for 2020 are now expected to be at the lower end of the company's previous estimate of between $40 million and $45 million.

The company also declared a regular quarterly cash dividend of $0.60 per common share, payable on June 8, 2020 to shareholders of record as of June 1, 2020.

Karl McDonnell, Chief Executive Officer of SEI said, "We are very pleased with continued strong performance at both Strayer University and Capella University during the first quarter of 2020.

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