For-profit universities and colleges group Laureate Education has announced third-quarter 2021 net income of $360.1 million, compared to a net loss of $784.4 million reported for the third quarter of 2020.
Revenue for the quarter was $267.7 million, up from $243.5 million reported for the third quarter of 2020.
The Baltimore, Maryland company also reported results for the first nine months of 2021. Its net income for the period was $166 million, compared to a net loss of $997.7 million reported for the first nine months of 2020.
Revenue for the nine-month period was $790 million, up from $739.7 million reported for the first nine months of 2020.
Laureate Education’s chief executive Eilif Serck-Hanssen said: “The strong operating results for the third quarter and year-to-date reflect the favourable Covid-19 recovery trends in the Latin American higher education market as well as robust growth from Laureate’s investments in new digital capabilities. As a result, we are raising our outlook for the remainder of 2021.
“We closed the sale of Walden University during the third quarter, and have now completed all pending divestitures. Our divestiture programme drove significant value for shareholders over the past few years, and we remain committed to continuing to unlock value for all stakeholders. We believe that Laureate is uniquely positioned, with our leading brands, best-in-class digital learning assets and hard-to-replicate physical footprint in both Mexico and Peru, to accelerate our top-line growth from the mid-single digits to high-single digits or even into double digits in the coming years. We expect to achieve this goal through a more capital efficient business model that delivers high-quality education via efficient omnichannel distribution modes. Executing on our plans will help us transform the lives of students and communities in Mexico and Peru by providing greater access to affordable quality education.”
Date published: 4 November 2021