BALTIMORE, MD — Laureate Education Inc., a higher education provider, announced fourth-quarter revenue of $1.18 billion, surpassing Wall Street expectations of $1.16 billion due to an increase in enrollment.
The for-profit higher education supplier posted net income of $41.3 million in the period, according to a Securities and Exchange filing. Earnings came to 33 cents per share, beating analyst forecasts of 29 cents per share.
Total enrollments for the quarter were up 2 percent from fourth quarter 2015, reflecting strong performance in certain Latin American markets. Fourth quarter financial results also benefited from a change in the academic calendar which shifted the timing of revenue and profits from the second and third quarter to the fourth quarter.
“Laureate is pleased to report strong operating and financial results for our fourth quarter and the full year of 2016,” said Doug Becker, Laureate founder, chairman and chief executive officer. “Our performance reflects our track record of delivering positive outcomes to our students while prioritizing accessibility and internationality, key factors for our continued success.”
For the year, the company reported profit of $371.8 million, or $2.76 per share. Revenue was reported as $4.24 billion.
Laureate Education expects full-year 2017 revenue in the range of $4.29 billion to $4.35 billion.
The company also announced Tuesday the departure President and Chief Operating Officer Enderson Guimarães.
Eilif Serck-Hanssen, Laureate Education’s chief financial officer for the past nine years, will assume the role of president and chief administrative officer. Ricardo Berckemeyer, a 15-year veteran of the company who heads the Latin America region, will assume the role of chief operating officer.
Guimarães, who joined the company in September 2015, will be leaving to pursue other opportunities following a transition period over the nest several months.
“I have tremendous admiration for Laureate and its many impressive educators and leaders and am confident that the company will continue to be successful in the future,” he said.
Laureate Education is a large global network of degree-granting higher education institutions, with more than 1 million students enrolled across 70 institutions in 25 countries at campuses and online. Some of the company’s institutions in the U.S. include University of St. Augustine for Health Sciences in Florida, Kendall College in Chicago and Walden University in Minneapolis.
The company’s shares closed Tuesday at $13.90, a new high for the stock, up $1.23 from that morning’s opening of $12.67.
This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.