CoreCivic, Inc. (CXW)
Solid 4Q21, Provides Guidance for 2022
CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q21 Results. CoreCivic reported fourth quarter results after the market closed yesterday. Revenue came in at $472.1 million, compared to $473.5 million in the same period last year. The Company reported net income of $28 million, or $0.23 per share, compared to a loss of $26.8 million, or $0.22 per share last year. Adjusted EPS of $0.27 compared to $0.40. On a proforma basis to reflect the adoption of a C-corp structure EPS was $0.27 versus $0.30 last year. We had projected revenue of $474 million and EPS of $0.22.
2021 Results. Full year revenue came in at $1.86 billion, adjusted EPS at $1.04, normalized FFO at $1.85, and adjusted EBITDA at $402 million. These results were obtained in the still challenging operating environment, including Covid-related costs and restrictions and the loss of USMS contracts as a result of the President’s executive order. In 2020, revenue was $1.91 billion, adjusted EPS$1.32 …
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.