ITT Educational Services Inc., one of the country's largest for-profit colleges, saw profit and revenue drop dramatically in the first quarter as student enrollment continued to decline.
The Carmel-based company said Thursday morning that it earned $31.1 million, or $1.33 per share, in the latest quarter, down 49 percent from the same period a year earlier. Revenue fell nearly 16 percent, to $287.7 million.
Despite the declines, the performance exceeded the expectations of analysts, who predicted $277 million in revenue and $1.26 per share in earnings.
Total student enrollment at the end of the first quarter was 61,039, down from 71,123 a year earlier, a decline of 14.2 percent.
ITT and other for-profit educators have struggled to maintain enrollment due to federal scrutiny of their recruiting and student-loan practices. The schools enjoyed huge gains during the Great Recession.
Analysts predict continuing declines for the industry.
ITT is also suffering additional legal problems related to its loan programs.
ITT stock was up 9 percent early Thursday, to $16.75 per share. The stock traded at more than $65 a share a year ago.