Monday, May 13, 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, 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.
ICE Pops. After topping out at over 39,000 in late February, ICE detainee population fell to about 36,900 by quarter’s end, finally bottoming out in late April in the low 34,000 level before rising once again over the past few weeks. CoreCivic ICE pops followed a similar pattern ending last week at 10,310.
Margins. With higher populations across federal, state, and local partners, higher occupancy rates, normalizing staffing cost and inflation, and per diem increases, operating margin improved once again in 1Q24. We anticipate additional improvement in 2024. Safety segment operating margin rose 210bp to 23.5%, while Community segment operating margin rose 1,120bp to 27.7%.
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