ITT Educational posts lower profit, trims top end of outlook

Thu Oct 25, 2012 7:38am EDT

Oct 25 (Reuters) - ITT Educational Services Inc's quarterly profit fell as student sign-ups continued to decline and the for-profit college lowered the top end of its 2012 earnings forecast.

The company, which runs the ITT Technical Institutes and Daniel Webster College, expects full-year adjusted earnings of $8 to $8.10 per share. ITT had earlier forecast earnings of up to $9 per share.

Net income fell to $42.9 million, or $1.83 per share, in the third quarter, from $67.3 million, or $2.48 per share, a year earlier.

Revenue declined 13 percent to $314.7 million.

Student enrollments fell 16 percent.