said first-quarter revenue rose 29%, mainly because of an increase in its student population and higher average revenue per student.
Revenue climbed to $512.3 million for the quarter ended March 31, from $397.4 million a year ago. Net income was $55.9 million, or 53 cents a share, compared with $38.6 million, or 37 cents a share, last year. Income from continuing operations was $61.6 million, or 59 cents a share. On average, analysts polled by Thomson First Call expected Career Education to earn 51 cents a share in the quarter.
The company, a provider of postsecondary education programs, said its new student starts totaled about 32,500 in the first quarter. The company's student population on April 30 was about 96,700, up 12% from 86,700 a year earlier.
Career Education, based in Hoffman Estates, Ill., said it expects second-quarter revenue of $510 million, with earnings of about 47 cents a share. For the full year, the company forecast revenue of $2.125 billion and earnings of $2.29.
Analysts are looking for earnings of 46 cents for the second quarter and $2.26 for the full year.