DeVry (DV) plunged 17% (the worst in the S&P 500) after missing earnings expectations and it appears to be taking most of the rest of the sector down with it.
The education company posted 86 cents of earnings, 7 cents worse than analysts had been projecting. Income fell 21% year over year and enrollment dropped.
ÂDeVry University undergraduate and Carrington Colleges Group continue to face the same headwinds as many other institutions across our countryÂs educational system. Poor economic conditions and persistent unemployment continued to impact results, coupled with adjustments associated with new regulations,Â said CEO Daniel Hamburger, in a statement. ÂWe continue to experience enrollment growth at DeVry University graduate, Chamberlain, Ross, AUC, DeVry Brasil, and Advanced Academics. This diversification helped to mitigate the declines, and resulted in total enrollment of about 123,000 students across all DeVry institutions, a decrease of less than one percent. Going forward, we will continue to invest in academic quality, execute on our diversification strategy, and control costs across our organization.Â
Apollo Group (APOL) is off 2.5%, as are other stocks in the sector.
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