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Perdoceo Education Corporation Reports Second Quarter and Year to Date 2024 Results
Increases second quarter per share dividend by 18.2% to $0.13 per share SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO)
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nIncreases second quarter per share dividend by 18.2% to $0.13 per share\n\n\n SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year to date ended June 30, 2024.\n\n\nSecond Quarter 2024 Results as Compared to Prior Year Quarter\n\n\n\nTotal student enrollments at June 30, 2024 increased by 4.2% supported by a 14.7% increase at CTU that was partially offset with an 18.2% decrease at AIUS.\n\n\n\nRevenue decreased 10.6% to $166.7 million. This decrease was expected and partially due to a lag impact from the operational changes made at AIUS in the prior year.\n\n\n\nOperating income decreased 4.3% to $46.0 million, while adjusted operating income decreased 7.8% to $50.9 million.*\n\n\n\nEarnings per diluted share were $0.57 as compared to $0.80, while adjusted earnings per diluted share were $0.60 as compared to $0.61.*\n\n\n\nEnded the quarter with $675.2 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\n\nOn July 31, 2024 the Board increased the per share quarterly dividend by 18.2% to $0.13 per share.\n\n\n\nYear to Date 2024 Results as Compared to Prior Year to Date\n\n\n\nRevenue decreased 12.3% to $335.0 million, which was in line with management’s expectation for a decline.\n\n\n\nOperating income increased 0.9% to $92.3 million, while adjusted operating income decreased 7.3% to $100.4 million.*\n\n\n\nEarnings per diluted share were $1.16 as compared to $1.30, while adjusted earnings per diluted share were $1.21 as compared to $1.19.*\n\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n\n\"Our second quarter results exceeded expectations, as both of our academic institutions continued to experience high levels of student retention and engagement,” said Todd Nelson, President and Chief Executive Officer. “Our year-to-date results and enrollment trends have been supported by various operating process changes and technology upgrades within our onboarding, academic and student support processes. Our faculty and student support staff continue to focus on further enhancing student experiences and academic outcomes and we will continue to make informed investments in technology and student support process...