Higher Enrollment Helps DeVry Beat Estimates

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On April 23, 2009, DeVry Inc. (DV) reported that its Q3 FY09 earnings grew 32.8%, on higher enrollment and double-digit revenue growth. Net income rose to $50.89 million or $0.70 per share from $38.32 million or $0.53 per share in Q3 FY08. Excluding loss on facility sales and lease transactions, the company earned $53.43 million or $0.74 per share, which beat the most recent consensus estimate of $0.67 per share.

Total revenue surged 34.7% to $391.88 million from $290.97 million in the year-ago quarter, helped by the acquisition of U.S. Education and significant gains in enrollment. Tuition revenue swelled 36.0% to $360.63 million from $265.25 million, while other educational revenue grew 21.5% to $31.25 million from $25.72 million a year ago. Revenue from DeVry University spiked 18.7% to $264.32 million from $222.61 million, driven by strong growth in its total student enrollments and continued online expansion and improved onsite enrollments. The Medical and Healthcare segment's revenue more-than-doubled to $105.01 million from $45.89 million reported in the year-ago quarter. Finally, the Professional and Training segment generated revenue of $22.55 million, up marginally from $22.48 million in Q3 FY08. ...