Perdoceo Education Corporation ( (PRDO) ) has released its Q3 earnings. Here is a breakdown of the information Perdoceo Education Corporation presented to its investors.
Perdoceo Education Corporation is a provider of postsecondary education, primarily through online platforms, offering degree programs from associate to doctoral levels. The company operates within the higher education sector, focusing on industry-relevant and career-focused academic programs through its institutions, Colorado Technical University (CTU) and American InterContinental University System (AIUS).
In its third-quarter 2024 earnings report, Perdoceo Education Corporation disclosed a notable increase in student enrollments, with CTU seeing a 13.6% rise and AIUS a 4.0% increase. However, the company experienced a 5.6% decrease in revenue for the quarter, attributed to prior operational changes, specifically at AIUS and the simplification of CTU’s professional development offerings. Despite the revenue decline, operating income saw a 4.0% increase, demonstrating resilience in its financial performance.
Key financial metrics for the quarter revealed that Perdoceo’s operating income increased to $44.8 million, supported by strong student engagement and retention. The company ended the quarter with $722.6 million in cash and investments. However, earnings per diluted share decreased to $0.57 from $0.62 in the previous year, influenced by a one-time tax benefit in the prior year. Year-to-date metrics showed a 10.2% revenue decrease, but operating income rose to $137.1 million.
Looking ahead, Perdoceo remains committed to enhancing student support and technology to improve academic outcomes. The company is on track to complete the acquisition of the University of St. Augustine, aiming to expand its presence in the health science field. This strategic move is expected to increase the student population it serves, aligning with its growth objectives.
