Adtalem Global Education Inc (ATGE, Financial) released its first quarter fiscal 2024 results on October 26, 2023, showing a return to total enrollment growth and enhanced academic outcomes. The company reported a revenue of $368.8 million, up 4.1% year-over-year, and total student enrollment of 81,073, up 1.9% year-over-year. The company's GAAP net income was $10.6 million, and adjusted EBITDA was $80.5 million, down 3.8% year-over-year.
Financial Highlights
Adtalem's operating income for the quarter was $28.2 million, compared with $23.6 million in the prior year. The company's net income was $10.6 million, compared with $0.6 million in the prior year. Diluted earnings per share was $0.25, compared with $0.01 in the prior year, while adjusted earnings per share was $0.93, compared with $0.90 in the prior year.
Business Highlights
Chamberlain University and Walden University both experienced growth in total student enrollment. Chamberlain University saw a 5.2% increase, while Walden University saw a 0.5% increase. Adtalem's ongoing investment in innovating the student experience was recognized with 4 Telly and 12 Viddy awards for immersive "user-centered design" and short-videos for enhanced learning curriculum.
Segment Highlights
Chamberlain University's revenue increased by 5.3% compared to the prior year, while Walden University's revenue increased by 8.2%. However, the Medical and Veterinary segment saw a decrease in revenue by 3.8% compared to the prior year.
Fiscal Year 2024 Outlook
Adtalem raised its revenue guidance for fiscal year 2024 to a range of $1,470 million to $1,530 million. The company also raised its adjusted earnings per share guidance to a range of $4.25 to $4.45.
About Adtalem Global Education
Adtalem Global Education Inc (ATGE, Financial) is a national leader in post-secondary education and leading provider of professional talent to the healthcare industry. The company is dedicated to driving strong outcomes that increase workforce preparedness and empowers a diverse learner population to achieve their goals and make inspiring contributions to their communities.
Explore the complete 8-K earnings release (here) from Adtalem Global Education Inc for further details.
