This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Market Capitalization: $1.99 Billion
ITT Educational Service had a subpar 2010, underperforming much of its sector peers and the overall market.
Education Trust, in its report on staggeringly low graduation rates at U.S. for-profit colleges and universities
, showed that ITT actually fared better than most in the group with a 66% six-year graduation rate.
The operator of ITT Technical Institute and Daniel Webster Colleges said in October its new student enrollment fell for the first time in several years. ITT Educational Services said new student enrollment fell 3.9% to 26,664 in the recent quarter, compared with 27,738 in the year-earlier quarter. Revenue per student fell by 2.5% to $4,730. Total student enrollment increased 11.1% to 88,004.
ITT posted better-than-expected third quarter earnings of $2.82 per share
, but revenue of $400.6 million came up short.
>>ITT Sees New Student Enrollment Fall
The for-profit education sector has been experiencing "a hard reset," said Herb Greenberg on
CNBC at the time, and that ITT was the latest to confirm that trend after
Apollo Group warned during the prior week that its enrollment would be down more than 40% in fiscal 2011's first and second quarters.
Still, ITT maintained its 2010 earnings forecast for earnings per share in a range of $11 to $11.35. Analysts' consensus call is for earnings of $11.12 per share for the year, down from a prior consensus for full-year EPS of $11.19.
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.