Education firm Apollo Group (NASDAQ: APOL) announced third-quarter earnings after the closing bell sounded yesterday, with earnings coming in better than a year ago thanks to higher enrollment. The company raked in $201.1 million, or $1.26 per share in the latest quarter, far better than $139.1 million, 85 cents per share a year ago. Not only did the company top last year's performance, but it also bested the Street's estimate for earnings of $1.12 per share on revenue of $1.04 billion.
Enrollment at the online college grew 22% on a year-over-year basis to 420,700 in the third quarter. The company's co-CEO Chas Edelstein noted, "We are please to report a record third quarter, driven largely by continuing increases in enrollments and improved student retention at University of Phoenix." The company's selling and promotional expenses increased during the quarter, but they declined as far as a percentage of net revenue.
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