Laureate Education Inc., the Baltimore-based international higher education company, said its first quarter revenue fell 2 percent, hurt by weakening foreign currencies, but profits rose as new enrollments increased 8 percent.
Revenues slipped to $621.8 for the three months that ended March 31, compared with $632.2 million during the first quarter of 2018, the company reported Thursday. Its income rose to $194.3 million, or 85 cents per share, compared with $171.5 million, or 59 cents per share, in the first three months of last year.
New enrollment performance reflected strong growth in the Andean region and in Brazil, the company said. Laureate reaffirmed its guidance for the year, including total enrollments of about 865,000 and revenues in the range of $3.3 billion to $3.4 billion.
Laureate runs an international network of degree-granting higher education institutions, primarily focused in Latin America, more than 25 institutions and more than 150 campuses.
Its shares rose 5% in Thursday trading, closing at $16.40 each.