DeVry Gets Schooled; Shares Plunge After-Hours

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DeVry (DV) shares fell 9% after the company missed earnings and revenue expectations.

DeVry posted 92 cents of EPS on $524 million in revenue. Analysts had expected $1 of EPS on $535.6 million in revenue. Total undergraduate enrollment fell 12.8% and new undergraduate enrollment fell 24.6%, drops that management attributed to new regulations and the weak economy.

“We are disappointed with these results,” said CEO Daniel Hamburger. “We are focused on improving our performance by implementing initiatives that will drive revenue growth, while controlling costs. Our performance improvement plan is aimed at increasing new student enrollments, and generating operating efficiencies to reduce expenses, while balancing the necessary investments in academic quality and student services for longer-term growth.”



Original Article Source by Barrons.com