Business
Laureate Education Reports Financial Results for the First Quarter of 2024
Company Increases Full-Year 2024 Guidance MIAMI, May 02, 2024 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher
About this update from Laureate Education, Inc.
[{"type":"text","content":"Company Increases Full-Year 2024 Guidance\nMIAMI, May 02, 2024 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the first quarter of 2024. First Quarter 2024 Highlights (compared to first quarter 2023): New enrollments increased 1%.Total enrollments increased 5%.On a reported basis, revenue increased 10% to $275.4 million. On an organic constant currency basis1, revenue increased 1% and was unfavorably affected by intra-year timing of semester start dates for certain programs as compared to the prior-year period.Operating income for the first quarter of 2024 was $11.1 million, compared to operating income of $15.6 million for the first quarter of 2023.Net loss for the first quarter of 2024 was $(10.8) million, compared to net loss of $(26.8) million for the first quarter of 2023.Adjusted EBITDA for the first quarter of 2024 was $30.6 million, compared to Adjusted EBITDA of $33.5 million for the first quarter of 2023. Adjusted EBITDA in the first quarter of 2024 was unfavorably affected by intra-year timing of semester start dates for certain programs as compared to the prior-year period. Eilif Serck-Hanssen, President and Chief Executive Officer, said, “Last month we celebrated our 25th anniversary and reflected on the positive impact we have had on millions of lives, including through expanding access to higher education in Mexico and Peru. I extend my sincere gratitude to all faculty and staff, past and present, who have played a significant role in our success.” Mr. Serck-Hanssen added, “During the first quarter of 2024, we completed our main intake cycle in Peru and our secondary intake cycle in Mexico, which resulted in solid performance as our customers continued to recognize the strength of our brands and the quality of our academic offerings. We are on track to deliver on our commitments for the year and look forward to making a positive impact across our communities and generating value for all our stakeholders for many years to come.” First Quarter 2024 Results New enrollments for the first quarter of 2024 increased 1%, compared to new enrollment activity for the first quarter of 2023, and total enrollments were up 5% compared to the prior-year period. New enrollments in Peru decreased 3% as compa...