Apollo Shares Up on Higher Sales Forecast

Shares of Apollo Group(APOL), the for-profit schools operator, were rising 9% after saying fiscal 2012 revenue could come in as high as $4.3 billion.

Apollo said it expects revenue of $4.1 billion to $4.3 billion. Analysts polled by Thomson Reuters expect revenue of $4.21 billion.

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Apollo posted fiscal fourth-quarter earnings of $188.6 million, or $1.37 a share, up from $41 million, or 28 cents, a year earlier. Adjusted for charges, earnings in the quarter were $1.02 a share, higher than analysts' estimates of 93 cents. Revenue in the quarter fell 11% to $1.12 billion because of lower enrollments at University of Phoenix, partially offset by tuition increases and other fee changes. Apollo said degreed enrollment at University of Phoenix fell 19.1%."The company believes the decline in New Degreed Enrollment was primarily the result of the operational changes and initiatives it has implemented to more effectively support students and improve educational outcomes," Apollo said in a statement.Apollo early Wednesday was trading at $47.23, up $3.87, or 9%. The stock's 52-week high is $54.23.Shares of competitor DeVry(DV) rose 3.5% to $44.14. Education Management(EDMC) was down 0.4% to $18.50.-- Written by Joseph Woelfel>To submit a news tip, send an email to: tips@thestreet.com.

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