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Career Education Q2 loss narrows YOY

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According to Market Intelligence, February 2023

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Career Education Q2 loss narrows YOY

Career Education Corp. said its second-quarter normalized net income came to a loss of 7 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 0 cents per share.

The per-share loss decreased 35.4% year over year from 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $4.8 million, compared with a loss of $7.3 million in the prior-year period.

The normalized profit margin climbed to negative 1.8% from negative 3.9% in the year-earlier period.

Total revenue declined 6.1% on an annual basis to $174.8 million from $186.2 million, and total operating expenses fell 7.6% on an annual basis to $182.4 million from $197.4 million.

Reported net income totaled a loss of $9.5 million, or a loss of 14 cents per share, compared to a loss of $13.5 million, or a loss of 20 cents per share, in the prior-year period.