DeVry Posts Higher Fiscal 1st-quarter Profit

OAKBROOK TERRACE, Ill. (AP) — For-profit education provider DeVry Inc. said Tuesday that its quarterly earnings rose 57 percent on a jump in enrollment, especially among new students.

The operator of DeVry University and Ross University said it earned $54.7 million, or 76 cents per share, up from $34.8 million, or 48 cents per share, a year ago. Sales rose 42 percent to $431.1 million.

Analysts polled by Thomson Reuters had expected, on average, profit of 65 cents per share and revenue of $418.1 million.

"Our financial results this quarter were driven largely by exceptional revenue growth," said Daniel Hamburger, DeVry's president and chief executive officer.

The company said new student enrollment at Ross University rose 9.5 percent to 666 students from 608 students last year. For the September 2009 session, total graduate coursetakers at DeVry University including its Keller Graduate School of Management, increased 15.2 percent to a record 20,496 versus 17,799 for the same period in 2008.

The company will report fall 2009 undergraduate enrollment and November graduate enrollment on Dec. 8.

Shares closed earlier down 60 cents at $54.88.