For-profit post-secondary education provider Perdoceo, formerly known as Career Education Corporation, has reported third-quarter 2020 net income of $39.9 million, compared to net income of $18.2 million reported for Q3 2019. Revenue for the quarter was $169.1 million, up from $155 million reported for the third quarter of 2020.
The Schaumburg, Illinois-based company also reported figures for the first nine months of 2020, with net income of $97.2 million, up from net income of $42.5 million reported for the first nine months of 2020. Revenue for the nine-month period was $516.2 million, up from $469.3 million in revenue reported the first nine months of 2020.
Perdoceo’s new student enrolment increased by 19.8% during the quarter, with student enrolment increasing by 8.8% at Colorado Technical University and by 33.1% at American InterContinental University (AIU).
Perdoceo reported that AIU’s year-to-date new student enrolments were “positively impacted” by the acquisition of Trident, a fully online for-profit institution with about 4,000 students, while also experiencing underlying organic growth.
Perdoceo president and chief executive Todd Nelson said: “The year-to-date results underscore our commitment to student experiences, retention and academic outcomes and I’m proud of the entire Perdoceo team for their efforts to educate, serve and support our students.
“Investments in data analytics and technology across our academic platforms have enhanced student learning and strengthened the efficiency and effectiveness of our student support processes. Our financial position continues to strengthen and we remain focused on executing against our objective of sustainable and responsible growth.”
Date published: 12 November 2020