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Laureate Education posts large third-quarter loss

Laureate Education posted a loss of $103.5 million in the quarter that ended Sept. 30.

That compares to a profit of $80.9 million in the same quarter of 2016, a gain driven by the sale of its French institutions for $155.2 million. Per-share results swung from a gain of 66 cents to a loss on $1.02 in the July-to-September period.

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The Baltimore-based owner and operator of for-profit higher educational institutions reported that revenue swelled 5.7 percent to $983.4 million in the latest quarter as new and total enrollments grew 3 percent each.

ā€œWe are pleased to report favorable enrollment growth in many of our key markets during our intake for the period, including particularly strong results in Brazil,ā€ Doug Becker, Laureate’s founder, chairman and CEO, said in a statement.

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Becker is stepping aside as CEO on Jan. 1.

Laureate reported some disruption as a result of the Mexico earthquake, which resulted in the deferral of some revenue as well as repair expenses.

The company also said it expects to earn $290 million to $300 million for the full year on revenue of just over $4.3 billion, the lower end of its previous projection.

ā€œWe continue to make good progress on our key strategic initiatives, looking to leverage scale and technology to further improve student experiences and drive stronger returns for our shareholders,ā€ Eilif Serck-Hanssen, Laureate’s president and incoming CEO, said in a statement.

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Laureate also announced that its bringing in a new chief financial officer. Jean-Jacques Charhon, most recently CFO at Purdue Pharma, will join Laureate on Jan. 1.

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