The following is a summary of the Perdoceo Education Corporation (PRDO) Q3 2024 Earnings Call Transcript:
Financial Performance:
Perdoceo Education reported a net income of $38.3 million or $0.57 per diluted share.
Adjusted earnings per diluted share were $0.59, surpassing the expected range of $0.52 to $0.54.
Third quarter revenue was $169.8 million, down 5.6% from the previous year's $179.9 million, attributed to operational changes and the academic calendar.Operating income was $44.8 million, which is $1.7 million higher than the prior year.
Capital expenditures for the third quarter were approximately $1 million.
Business Progress:
Experienced high levels of student retention and engagement, with enrollment increasing 13.6% at CTU and 4% at AIUS.
Making targeted investments in AI-based solutions and technology to enhance student support services.
Acquisition of University of St. Augustine to significantly increase offerings in health sciences and expected to be accretive to operating income in 2025.
Opportunities:
Expected double-digit revenue growth for both academic institutions in the upcoming fourth quarter.
Focused on technology investment and using data analytics to improve enrollment and student services.
Risks:
Potential operational changes driven by new or updated guidance from the Department of Education could impact future performance.
Previously made operational changes at AIUS and the academic calendar led to a temporary revenue decrease.
More details: Perdoceo Education IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
