Oct 29 (Reuters) - Shares of Apollo Group APOL.O, the parent company of the University of Phoenix, rose more than 12 percent, a day after the education provider posted fourth-quarter results that comfortably beat Wall Street estimates.
Results for the latest quarter ended Aug. 31 were helped by a rise in new degreed enrollments. [ID:nBNG416370]
The company also said it reversed a previously recorded charge of $170 million associated with a securities litigation as the earlier judgment was vacated by a court, reducing its expense line.
Analyst Trace Urdan of Signal Hill Group, who has a “buy” rating on the stock, said retention continues to be a primary focus at the company and a major driver of profitability.
Shares of the Phoenix-based company touched a high of $70.58 in morning trade, before paring some gains to trade up $6.35 at $65.25 Wednesday on Nasdaq. (Reporting by Biswarup Gooptu in Bangalore; Editing by Anil D‘Silva)