Business
Laureate Education Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2024
MIAMI, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru,
About this update from Laureate Education, Inc.
[{"type":"text","content":"MIAMI, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ: LAUR), which operates five higher education institutions across Mexico and Peru, today announced financial results for the second quarter and six months ended June 30, 2024. Second Quarter 2024 Highlights (compared to second quarter 2023): On a reported basis, revenue increased 8% to $499.2 million. On an organic constant currency basis1, revenue increased 7%.Operating income for the second quarter of 2024 was $166.6 million, compared to operating income of $154.5 million for the second quarter of 2023.Net income for the second quarter of 2024 was $128.4 million, compared to net income of $56.3 million for the second quarter of 2023. The increase in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2023 quarter.Adjusted EBITDA for the second quarter of 2024 was $186.9 million, compared to Adjusted EBITDA of $175.4 million for the second quarter of 2023. Six Months Ended June 30, 2024 Highlights (compared to six months ended June 30, 2023): New enrollments increased 2%.Total enrollments increased 5%.On a reported basis, revenue increased 9% to $774.6 million. On an organic constant currency basis1, revenue increased 5% 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 six months ended June 30, 2024 was $177.7 million, compared to operating income of $170.1 million for the six months ended June 30, 2023.Net income for the six months ended June 30, 2024 was $117.5 million, compared to net income of $29.6 million for the six months ended June 30, 2023. The increase in net income was mainly driven by the effect of changes in foreign currency exchange rates on intercompany balances compared to the 2023 period.Adjusted EBITDA for the six months ended June 30, 2024 was $217.5 million, compared to Adjusted EBITDA of $208.9 million for the six months ended June 30, 2023. Adjusted EBITDA for the six months ended June 30, 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, “We are pleased with our solid operating results for the second qu...