Career Education (CECO) Tops Q3 EPS by 3c, raises outlook

Career Education (NASDAQ: CECO) reported Q3 EPS of $0.22, $0.03 better than the analyst estimate of $0.19. Revenue for the quarter came in at $149.4 million versus the consensus estimate of $132.8 million.

Company Financial Outlook: Raises 2023 Full Year and Introduces Full Year 2024

The Company updated its full year 2023 guidance to reflect revenue between $525 and $550 million, up approximately 25% year over year, and adjusted EBITDA between $55 and $57 million, up approximately 33% year over year. The updated expected full year revenue and adjusted EBITDA guidance are compared to the previous outlook, provided in September, for revenues to exceed $525 million and adjusted EBITDA to exceed $55 million.

The Company also introduced its full year 2024 guidance of $575 to $600 million in revenue, up 10% year over year, at the midpoint; and its expected adjusted EBITDA to be $65 to $70 million, up approximately 21% year over year, at the midpoint. Free cash flow is expected to be 50% to 70% of the full year adjusted EBITDA guidance range.

For earnings history and earnings-related data on Career Education (CECO) click here.

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