Laureate Education reported Wednesday that it turned a profit in the first quarter of 2018 after the sales of schools in China, Cyprus and Italy.
The Baltimore-based owner and operator of a network of for-profit universities around the world said it recorded a $298 million gain from those sales, resulting in income to $171.5 million for the quarter ended March 31.
The company lost $120.4 million in the January-to-March period of 2017. On a per share basis, it earned 59 cents in the latest quarter, compared to a loss of $1.05 a year earlier.
Laureate’s operating loss fell by more than half to $27.5 million in the latest quarter as revenue grew 3.4 percent to $885 million amid growing enrollment at its schools.
“I'm pleased to report that 2018 is off to a strong start...,” Laureate CEO Eilif-Serck-Hanssen said in a statement. “We continue to make good progress on all our key strategic initiatives, including simplifying the business while strengthening our balance sheet and improving free cash flow generation.”
Shares of Laureate were off 12 cents at midday Wednesday, trading at $14.24 each.