Shares of Lincoln Educational Services (NASDAQ: LINC) beat the market on Monday. Shares jumped 18%, in fact, while the wider market was up by less than 1%. The spike added to a rally in the education provider's stock so far in 2023. Lincoln Educational Services is up over 40% so far compared to a 17% increase in the S&P 500.

The Monday increase came in the wake of the company's announcement of surprisingly strong second-quarter operating results.

Lincoln Educational Services revealed before the market opened that sales improved 10% in Q2, mainly thanks to an 18% increase in new student signups. Average revenue per student also grew, rising 9%. Management credited several factors for the gains, including a more efficient financial aid process and the company's transition to a more effective hybrid teaching model. "We believe our new hybrid instructional platform provides a superior model for our students and more efficient operations at our campuses," CEO Scott Shaw said in a press release .

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Source Fool.com