Shares of Lincoln Educational Services Corporation (LINC) soared 5.62% on Friday after the for-profit education company reported impressive third-quarter 2024 financial results that exceeded analysts' expectations.

For the quarter ended September 30, 2024, Lincoln Educational posted revenue of $114.4 million, up 14.8% year-over-year and beating the consensus estimate of $110.8 million. The company's earnings per share of $0.13 also surpassed analysts' projections of $0.09.

The better-than-expected performance was driven by a 10.6% increase in average student population, fueled by robust student start growth of 21.1% in the quarter. Lincoln Educational's new East Point, Georgia campus, which opened in March 2024, also contributed $3.4 million to the quarter's revenue.

Encouraged by the strong third-quarter results and positive outlook, Lincoln Educational raised its full-year 2024 revenue guidance to a range of $430 million to $435 million, up from its previous estimate of $423 million to $430 million. The company also lifted its adjusted EBITDA guidance for the year to $41 million to $43 million, compared to the previous range of $39 million to $42 million.

Lincoln Educational's CEO, Scott Shaw, attributed the company's success to its ability to cater to the growing demand for alternative educational paths and address the workforce skills gap in the United States. The company's hybrid teaching platform, Lincoln 10.0, and new campus development efforts also contributed to the strong performance.