DeVry Inc. (DV) announced record results in mid-August. Fourth-quarter earnings per share of 55 cents topped the Zacks Consensus Estimate by 8% and surpassed the year-prior result. Revenues of $396.2 million came in 43% ahead of last year’s total.

Company Description

DeVry is the holding company for DeVry University, Advanced Academics, Ross University, Chamberlain College of Nursing, Apollo College, Western Career College, Becker Professional Review and Fanor. The education provider prepares students for careers in technology, business and management, delivering undergraduate, graduate and life long learning programs.

Advanced Academics provides online secondary education to school districts throughout the U.S. Ross University offers programs for general medical and veterinary practice. Chamberlain College of Nursing delivers undergraduate health care education programs. Apollo College and Western Career College prepare students for careers in healthcare through certificate and associate degree programs.

Becker Professional Review prepares students for professional certification exams such as the certified public accountant [CPA], certified management accountant (CMA) and chartered financial analyst (CFA).

Based in Brazil, Fanor offers degree programs in business management, law and engineering through its four schools: Faculdades Nordeste, Faculdade Ruy Barbosa, Faculdade FTE and ÁREA1.

Record Results

The company announced record results in mid-August. Fiscal fourth-quarter earnings per share of 55 cents topped the Zacks Consensus Estimate by 8% and surpassed the year-prior result.

Revenues of $396.2 million came in 43% ahead of last year’s total.

“Fiscal 2009 was a year of accomplishment for DeVry,” said Daniel Hamburger, DeVry’s president and chief executive officer. “We made great strides in executing our strategic plan and expanding into educational areas that are in high demand. We also continued investing in our brands, programs and infrastructure. As a result, we experienced strong enrollment growth, improved retention throughout the year, and delivered record financial results.”

The DeVry University business line saw record total enrollment of 55,979, a 22% increase from last year’s 45,907. The total number of online undergraduate and graduate coursetakers also reached a record level of 56,321 in July 2009, a 27% jump year-over-year.

Rising Estimates and Strong Fundamentals

Analysts polled by Zacks are bullish on forecasts for the fiscal year ending June 2010. Current projections of $3.00 per share are up from $2.90 over the past 2 months. For the following year, earnings expectations of $3.63 were increased from $3.55 over the past 2 months.

DeVry’s offers a return on equity (ROE) of 20%, surpassing the industry average of 16%. The company boasts a net profit margin of 11%, versus the industry average of 9%.

Zacks Investment Research
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