Bridgepoint profit soars as enrollments rise

SAN DIEGO (AP) - Bridgepoint Education Inc. said Monday its first-quarter profit surged above expectations as more students enrolled in its online courses.

The for-profit school, based in San Diego, said it earned $29.8 million, or 49 cents per share, in the three months ended March 31, up sharply from $3.3 million, or 3 cents per share, a year ago.

Revenue rose 85 percent to $156.1 million from $84.3 million.

Analysts polled by Thomson Reuters had expected, on average, a profit of about 39 cents per share on $143.8 million in revenue.

Bridgepoint said student enrollments rose 56.5 percent to 65,788. During the recession, enrollments at for-profit schools grew strongly because of the tough job market and state budget cuts for traditional four-year public colleges.

For the year, Bridgepoint expects student enrollments to grow to 69,000 to 71,000, with earnings per share ranging from $1.86 to $1.88.

Analysts expect profit of about $1.88 per share for the year, on average.