HERNDON, Va. (AP) -- Lower enrollment weighed on Strayer Education Inc.'s first-quarter, as net income fell 28 percent with lower enrollments.
That still topped analysts' estimates, but revenue fell short of Wall Street's expectations. Shares dropped more than 6 percent in midday trading.
The for-profit education company earned $17.2 million, or $1.59 per share, compared with $24 million, or $2.09 per share, a year ago.
Revenue fell 8 percent to $137.5 million.
Analysts expected $1.46 per share and $139.5 million in revenue, according to FactSet.
Strayer University's total enrollment for the spring term fell 9 percent to 46,130 students. Continuing student enrollments dropped 8 percent and new student enrollments declined 14 percent.
The Herndon, Va., company anticipates second-quarter earnings of $1.37 to $1.39 per share, based on its spring term enrollments. Analysts expect $1.37 per share.
Strayer Education shares fell $2.97, or 6.1 percent, to $45.58. The stock has traded in a 52-week range of $42.98 to $113.28.