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Company Description
ITT Educational Services provide career-focused degree programs, with an emphasis on technology. The company has over 100 locations across the United States and currently have approximately 55,000 students enrolled in classes. Each location is nationally accredited by the U.S. Department of Education. ITT carries a market cap of $3.5 billion.
Great Second-Quarter Results
On July 24th ITT announced second-quarter earnings of $1.20 per share, up 37.9% since the second quarter of last year. The second-quarter EPS announcement was 16.5% higher than the consensus estimate of $1.03 per share.
The company raised full-year earnings guidance for 2008 to between $4.65 and $4.75 per share, up from $4.10 to $4.60. The consensus estimate for next year is up to $5.19 per share, from $4.87 just 30 days ago.
ITT also reported a year-over-year increase in new-student enrolment of 22.5% or 14,751 students, up from 12,043 for the second quarter of 2007.
The company increased its operating margin by 4.4% since last year, now up to 31%.
National Expansion is Ahead of Pace
ITT has opened two new locations in the second quarter, one in Ohio and one in Arizona, to bring the total to five new campuses through the first half of 2008. The company set a goal of six to eight new locations by the end of 2008.
More Successful Students
The reported average salary for ITT graduates is up 5%, to approximately $34,000 through the second quarter of 2008, compared to $32,400 for 2007 . Job placement has also increased to 82% in 2007, up from 81% in 2006.
The Chart
Shares of ESI have rebounded nicely and have been in a definitive up trend since April, where they set a 52-week low of $42.24. Take a look at the chart below.
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