Movers and SHAKERS
Reports Solid Third Quarter
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.
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3Q Results. Revenue of $468.3 million, down 7.9% year-over-year, but nearly flat sequentially. Diluted EPS of $0.22 and adjusted EPS of $0.28, compared to $0.41 and $0.47 last year. Normalized FFO was $0.52 per share and AFFO was $0.49 per share versus $0.70 and $0.70, respectively, last year. Adjusted EBITDA of $94.6 million. We had forecast revenue of $462 million, EPS of $0.22, NFFO of $0.49, AFFO of $0.52, and adjusted EBITDA of $90.2 million.
Segment Results. Safety revenue came in at $420 million versus $458 million a year ago. Compensated occupancy rates fell to 72.1% from 83.4% a year ago, although revenue per compensated man day improved to $87.39 from $81.93. Segment operating income was $100.7 million. Community revenue declined to $24.1 million from $30.8 million. Occupancy was 54.6% versus 76.3%, while segment operating income ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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