DeVry Education Group Inc. DV reported robust third-quarter fiscal 2016 results, surpassing the Zacks Consensus Estimate for both sales and earnings.Third-quarter 2016 adjusted earnings of 71 cents per share surpassed the Zacks Consensus Estimate of 61 cents by 16.39%. Earnings per share increased 1.4% year over year. DeVry’s quarterly net sales of $474.2 million surpassed the Zacks Consensus Estimate of $466 million by 1.8%. However sales decreased 3.2% year over year. The top line results suffered mostly due to the repositioning of DeVry University and enrollment challenges at Carrington.However, the rate of revenue decline was narrower than the company’s expected decline of about 4%–5%.The company’s total enrollment increased 10% year over year in the third quarter, while new enrollment increased 12.3%.Adjusted operating income increased 6.2% during the quarter on the back of solid cost control.Segment DetailsBusiness, Technology and Management: This segment includes operations of the company’s largest subsidiary, DeVry University, which offers both graduate and undergraduate courses.The segment recorded revenues of $156.4 million, down 23.3% year over year due to weak enrollment trends at DeVry University. Adjusted operating income of $6.4 million increased 14.3% during the quarter on the back of cost control reduction initiatives.For the Mar 2016 session, total enrollment and new enrollment of undergraduate students declined 22.4% and 28.5%, respectively.For the Mar 2016 session, total enrollment of graduate course takers, including the Keller Graduate School of Management, slumped 20.1%.DeVry University starts have been declining for several years and are expected to remain a challenge in the near term as prospective students are still reluctant to incur debt for higher degree. The competitive landscape also remains intense. The company is undertaking several student-focused initiatives at DeVry University to return to growth and transform the business. However, the efforts do not seem to be paying off yet. Medical and Healthcare: Medical and Healthcare is the company’s largest segment at present. It consists of DeVry Medical International, Chamberlain College of Nursing and Carrington College.The segment reported revenues of $246.8 million, up 9.5% year over year, driven by strong enrollment at Chamberlain College of Nursing. Adjusted operating income was $52.8 million, up 15.2%.At Chamberlain College of Nursing, revenues escalated 20.7%. This increase was driven by solid demand for nurses with advanced degrees.For the Mar 2016 session, total enrollment at Chamberlain surged 19.8%, while new enrollment soared 12.1%.At DeVry Medical International, revenues increased 3.7% to $88.3 million during the third quarter of fiscal 2016.At Carrington College, revenues were down 6.7% in the quarter. Total enrollment decreased 6%.New enrollments fell 5.9%.International and Professional Education: The segment includes professional exam review and training operations of Becker Professional Review and DeVry Brasil.The segment recorded revenues of $71.7 million, up 17.4% year over year, mostly driven by the acquisition of Ibmec Group. However, unfavorable Brazilian currency translations hurt revenues by $9 million. On a constant currency basis, revenues surged 31.7%. Adjusted operating income was $4.6 million, flat year over year.DeVry Brasil revenues increased 28.2% year over year, driven by an increase in enrollment levels. On a constant currency basis, revenues escalated 51.4%. For the Mar 2016 session, total enrollment and new enrollment of undergraduate students increased 35% and 26.4%, respectivelyDuring the second quarter of fiscal 2016, DeVry Brasil had acquired Brazilian education company, Grupo Ibmec Educacional S.A. This acquisition is strengthening DeVry’s presence in Northern Brazil, where the company already caters to about 15,000 students.Becker Professional Education revenues were flat year over year.Fourth-Quarter Fiscal 2016 OutlookFor the fourth quarter of fiscal 2016, the company expects revenues to decrease in a range of 2–3% year over year. Revenues are expected to be hurt by the transformation of DeVry University and soft revenues at Carrington College, which will offset top-line growth at other DeVry institutions. Adjusted operating costs are expected to decline in a range of 3–4%.DeVry Education Group carries a Zacks Rank #3 (Hold).Stocks to ConsiderSome better-ranked stocks in the education industry include New Oriental Education & Technology Group Inc. EDU, Lincoln Educational Services Corp. LINC and Capella Education Co. CPLA. While New Oriental Education & Technology Group sports a Zacks Rank #1 (Strong Buy), Lincoln Educational Services and Capella Education have a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DEVRY EDUCATION (DV): Free Stock Analysis Report CAPELLA EDUCATN (CPLA): Free Stock Analysis Report NEW ORIENTAL ED (EDU): Free Stock Analysis Report LINCOLN EDUCATL (LINC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research