Career Education reports 4Q loss, enrollment up

Career Education Corp. reported a loss of $44.4 million in its fourth quarter.

On a per-share basis, the Schaumburg-based company said it had a loss of 64 cents. Earnings, adjusted for one-time gains and costs, came to 12 cents per share.

The for-profit education company posted revenue of $143.1 million in the period.

For the year, the company reported that its loss widened to $31.9 million, or 46 cents per share. Revenue was reported as $596.4 million.

Career Education shares have declined 1.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $11.90, a climb of 29 percent in the last 12 months.

"We finished the year with strong momentum in our key operating metrics, as investments continued to improve student onboarding and learning experiences," said President and CEO Todd Nelson. "Total enrollments at our University Group reached the highest level in the last four years and new student enrollments grew for the second consecutive quarter. Much of this momentum is a result of our focus on and execution within our student-serving processes and initiatives. Our cash balances are expected to grow in 2018 and allow us to continue investing in our students and employees. Overall, we remain committed to improving student experiences, retention and academic outcomes and are executing well against our objective of sustainable and responsible growth."

As of the end of 2017, total student enrollments for the University Group were 34,700 compared to 33,600 as of the prior year end representing a 3.3 percent increase.