Little over a week since coming under attack from institutional investors Engine Capital and Hawk Ridge Capital Management, Adtalem Global Education has reported increases across the board in revenue and income.
The global education provider reported net income of $23.3 million for the second quarter of it 2021 fiscal year ending 31 December 2020, compared to net income of $5.5 million reported for the second quarter of fiscal year 2020.
Revenue for the quarter was $283.1 million, up from $266.2 million reported for Q2 2020, an increase of 5.9%.
Downers Grove, Illinois-based Adtalem also reported results for the first six months of its 2021 fiscal year ending 31 December 2020. Its net income for the period was $43.2 million, up from $19.9 million reported for the first half of fiscal year 2021, a 64% increase.
Revenue for the half-year was $551.4 million, up from $520.8 million reported for the first half of fiscal year 2020.
The company stated in its accounts that in the past six months the effects of Covid-19 has resulted in an estimated revenue loss of approximately $22 million, an operating income loss of approximately $14 million, and a loss of earnings per share of approximately $0.22.
Adtalem president and chief executive Lisa Wardell said: “We continue to successfully execute our leading workforce solutions provider strategy by meeting the needs of our students and our employer partners. We once again delivered strong revenue and earnings growth in the second quarter, driven by robust financial performance across the medical and healthcare segment, including a double-digit increase in total enrolment at Chamberlain University.
“Through strategic investments such as our pending acquisition of Walden University, we have positioned Adtalem to meet the needs of an evolving market and capitalise on long-term growth trends. We are accelerating and prioritising those elements of our strategy that allow us to capitalise on the robust demand in medical, healthcare, and online education. That demand has continued to increase during the pandemic and provides us greater opportunity to differentiate our online offerings given our decades of experience in quality online education delivery.”
“Our institutions are addressing the critical workforce gaps in healthcare through strong student outcomes and graduating more new nurses and doctors than any single US institution. In addition, our financial services segment revenue increased 6% from the prior year driven by execution in the mortgage training market by OnCourse Learning and ongoing momentum in the continuing education market by Becker.”
Date published: 3 February 2021