Career Education Earnings: Here’s Why Investors are Buying Shares Now
Career Education Corp. (NASDAQ:CECO) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 22.01%.
Career Education Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $-0.45 in the quarter versus EPS of $-0.18 in the year-earlier quarter.
Revenue: Decreased 20.1% to $294.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Career Education Corp. reported adjusted EPS loss of $0.45 per share. By that measure, the company beat the mean analyst estimate of $-0.51. It beat the average revenue estimate of $292.33 million.
Quoting Management: “Our results are very much in line with our initial projections for the quarter. We are actively taking costs out of the business as we become more efficient and adjust the organization’s size to serve a smaller overall student population,” said Scott W. Steffey, president and CEO of Career Education. “I’m encouraged by the progress we’ve made across our domestic operations on improving our interactions with students, from the initial point of contact straight through to student outcomes, which gives me confidence that the actions we’re taking will positively impact the direction of the Company.”
Key Stats (on next page)…