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Career Education Earnings Climb

The company also expects profits that would top analysts' second-quarter and full-year forecasts.
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Career Education

(CECO) - Get Report

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.

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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.