DeVry Inc. (DV), Tuesday reported a rise in profit for the second quarter, despite a decline in new enrollments, helped mainly by higher tuition revenues. Quarterly earnings and revenues came in ahead of analysts' estimates.
The Oakbrook Terrace, Illinois-based education and training services provider's net income for the second quarter increased to $88.71 million or $1.25 per share from $72.45 million or $1.00 per share in the previous year.
On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $1.19 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter increased 16.6 percent to $551.46 million from $473.01 million last year. Analysts estimated revenues of $548.81 million for the quarter.
Tuition revenues increased to $520.18 million from $448.98 million a year ago. Other educational revenues increased to $31.28 million from $24.03 million.
By segment, revenues from Business, Technology and Management increased 18.4 percent and revenues from Medical and Healthcare increased 13.0 percent. Professional Education revenues increased 26.3 percent and other educational services revenues increased 0.9 percent year-over-year.
DeVry University's new undergraduate enrollment decreased 4.7 percent, while total undergraduate enrollment rose 14.9 percent in the fall.
DV closed Tuesday's regular trading at $47.38, down $0.83 or 1.72%, on a volume of 1.43 million shares on the NYSE. In after hours, the stock gained $2.04 or 4.31%, trading at $49.42.
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