Career Education Profit Leaps, But Sales Sag

HOFFMAN ESTATES, Ill. (AP) — Career Education Corp. posted lower-than-expected first-quarter profit Wednesday as enrollment in one category of its schools sank.

Shares fell $2.23, or nearly 11 percent, to $18.91 in aftermarket trading, having earlier closed down 23 cents at $21.14.

The company's profit jumped 42 percent to $23.3 million, or 26 cents per share, but adjusted profit of 32 cents per share was a penny shy of Wall Street's projections. The Hoffman Estates, Ill.-based company said sales slipped 3 percent to $437.4 million, also missing the $446.7 million estimate forecast by analysts surveyed by Thomson Reuters. ...