Laureate shares soaring after profit, revenue far exceed projections – Baltimore Business Journal
Shares of Laureate Education Inc. rose almost 9% in trading Thursday morning after the company’s profit and revenue exceeded Wall Street expectations due to sales of some of its universities and growing enrollment.
The Baltimore-based for-profit education provider reported net income of $781.6 million, or $3.48 per share, in the second quarter, a 248% increase from $224.4 million, or $1 per share, in the prior-year quarter. The increase was mainly attributable to a $641.5 million net gain related to Laureate’s completed sales of institutions in South Africa, India, Spain and Portugal.
Adjusting for the sales, Laureate reported earnings $297.3 million, or $1.32 per share, up 4% from the prior-year quarter when taking into account currency exchange rates.
Revenue in the second quarter was $1 billion, down 2% from $1.02 billion in the year-ago quarter. Taking into account exchange rates, revenue was up 3%.