IBJNews

ITT Educational posts profit, raises forecast

Back to TopCommentsE-mailPrintBookmark and Share

Profit at ITT Educational Services Inc. soared in the second quarter as enrollment at the Carmel-based operator of for-profit colleges continued to swell.

ITT Educational said Thursday that it earned a profit of $96 million, up more than 35 percent from the same quarter a year ago.

The company earned $2.78 per share, beating analysts’ expectations of $2.68 per share.

As a result, ITT Educational now expects to produce profit of $11 to $11.35 per share during the full year, up from a previous forecasted range of $10.50 to $11.25.

Joblessness in the U.S. economy continues to help drive students to ITT’s schools to learn new skills. New student enrollment shot up 10 percent in the quarter, compared with the same period a year ago, to a total of 21,673. The company’s schools have total enrollment now of 84,695, an increase of 21 percent from the same time a year ago.

Quarterly revenue climbed 26 percent, to $401.8 million.

Loan defaults increased slightly, however. The company’s percentage of bad debt rose to 5.8 percent in the second quarter, up from 5.4 percent a year ago.

ITT shares opened Thursday at $88.66 each, down from a 52-week high of $119.20 reached in April. The stock dipped to $78.59 earlier this month before beginning to rebound.

The company has 121 campuses in 38 states.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

ADVERTISEMENT