DeVry stock slammed by fiscal 3Q enrollment, revenue declines

         DeVry Inc. shares fell more than 20 percent Wednesday after the for-profit education company reported fiscal third quarter results that included a 21 percent drop in undergraduate enrollment.

        The company, in the spotlight with other for-profit colleges over graduate job placement rates, said revenue in the three months ended March 31 fell 5.9 percent, to $509 million. Net income fell 15 percent to $57 million and earnings per share lost 12 percent to 88 cents.

Operating cash flow was $282 million, down from $355 million a year earlier.

         An analyst at Deutsche Bank in San Francisco cut DeVry's rating to "hold" from "buy" on the enrollment slide.

         The Downers Grove-based company operates DeVry Brasil, Chamberlain College of Nursing, Carrington Colleges Group, and DeVry University and its Keller Graduate School of Management.