Laureate Education posts massive third quarter loss – tech2.org

Laureate Education posts massive third quarter loss

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Laureate Education posted a lack of $103.5 million within the quarter ended Sept. 30.

That compares to a revenue of $80.9 million in the identical quarter of 2016, a achieve pushed by the sale of its French establishments for $155.2 million. Per share outcomes swung from a achieve of 66 cents to a loss on $1.02 within the July-to-September interval.

The Baltimore-based proprietor and operator of for-profit greater academic establishments reported that income swelled 5.7 p.c to $983.four million within the newest quarter as new and complete enrollments grew three p.c every.

“We are pleased to report favorable enrollment growth in many of our key markets during our intake for the period, including particularly strong results in Brazil,” stated Doug Becker, Laureate’s founder, chairman and CEO, in a press release.

Becker is stepping apart as CEO on Jan. 1.

Laureate reported some disruption because of the Mexico earthquake, which resulted within the deferral of some income in addition to restore bills.

The firm additionally stated it expects to earn $290 million to $300 million for the complete 12 months on income of simply over $four.three billion, the decrease finish of its earlier projection.

“We continue to make good progress on our key strategic initiatives, looking to leverage scale and technology to further improve student experiences and drive stronger returns for our shareholders,” stated Eilif Serck-Hanssen, Laureate’s president and incoming CEO, in a press release.

Laureate additionally introduced that its bringing in a brand new chief monetary officer. Jean-Jacques Charhon, most just lately CFO at Purdue Pharma, will be part of Laureate on Jan. 1.

cdinsmore@baltsun.com

twitter.com/ckdinsmore



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