Career Education Earnings: Here’s Why Shares are Up Now
Career Education Corp. (NASDAQ:CECO) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.85%.
Career Education Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.35 in the quarter versus EPS of $0.31 in the year-earlier quarter.
Revenue: Decreased 14.04% to $354.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Career Education Corp. reported adjusted EPS loss of $0.35 per share. By that measure, the company missed the mean analyst estimate of $-0.33. It beat the average revenue estimate of $340.64 million.
Quoting Management: “While our financial results were unacceptable and unsustainable, 2012 was a year of renewal for Career Education,” said Steven H. Lesnik, chairman, president and chief executive officer. “We made significant progress on the regulatory and accreditation fronts, reinforced our leadership team, reorganized and reduced the footprint of our institutions, adopted a long-term strategy and continued our investment in cutting-edge education technology.”
Key Stats (on next page)…