Career Education Corp's Shares Fall Following Earnings Release (CECO)

Career Education Corp. CECO reports Q3 earnings of $0.66 versus consensus of $0.63. Career Education Corp. reports revenues of $524.2 million versus consensus of $545.42 million. Revenues increased 14.4% year over year. As of September 30, 2010, cash and cash equivalents and short-term investments totaled $442.5 million. "Our performance in the third quarter was in line with our expectations and marked a continuation of our year-over-year improvement," said Gary E. McCullough, President and Chief Executive Officer. "While the third quarter brought intensified government and media scrutiny of our sector, I am particularly proud of the way that our company remained focused on enhancing the quality of education and student services in order to prepare students for success in their chosen careers." Shares of CECO are lower in the after-hours by 0.77%.