Santa Ana-based Corinthian Colleges Inc. said Tuesday that its quarterly profit more than tripled as enrollment increased at the for-profit education company’s schools.
Corinthian’s profits grew to $9.1 million for the quarter ended Dec. 31 from $2.6 million the same period a year ago.
The company’s quarterly revenue rose 16% to $272.6 million.
Corinthian’s profit met Wall Street forecasts, while revenue beat analysts’ expected $269.6 million.
The number of new students starting Corinthian programs rose 10% to 22,698, according to the company.
It also said that its student population was up nearly 10% from a year ago.
The company has had more than a two-year slump with falling enrollment, lower profits and setbacks in a program designed to get more students to its schools.
Last week, Corinthian’s shares plummeted 30% after it announced that it expected lower earnings in the future as lenders cut private loans to students who present higher credit risks.
The company said it sees loan issues reducing profits by about $2.5 million this quarter and next.
Corinthian, which has a market value of about $1.4 billion, operates more than 100 schools nationwide and in Canada.
Corinthian’s shares were up 3% in midday trading on the news.
