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CoreCivic, Inc. (CXW) – A Solid Quarter

Industrials
0 min read


Monday, August 12, 2024

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 high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 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. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

2Q24. Revenue came in at $490.1 million, up from $463.7 million a year ago and above our $482 million estimate. Increased occupancy and per diem rates drove the increase. Adjusted EBITDA was $83.9 million, up from $72.1 million, and our $74.6 million estimate. EPS was $0.17, adjusted EPS $0.20, and NFFO $0.42, compared to $0.13, $0.12, and $0.33, respectively, in 2Q23.

New Contract. In late July, CoreCivic received a Notice of Intent to Award a new management contract from the state of Montana to care for additional residents. The Company expects to receive 120 residents in the 3Q24. If the State needs additional capacity, the State may approve the utilization of any other facility CoreCivic owns or operates.


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