Thursday, May 08, 2025
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Exceeds Expectations. Driven by an increase in occupancy to 77%, increased bed utilization, and cost management, CoreCivic exceeded internal expectations as well as our projections. Revenue was $488.6 million, better than our $480.1 million estimate. Adjusted EBITDA was $81 million compared to our $69.1 million estimate. FFO was $0.45/sh versus our $0.35/sh estimate, and EPS was $0.23 compared to our estimate of $0.12. In 1Q24, CoreCivic reported revenue of $500.7 million, adjusted EBITDA of $89.5 million, EPS of $0.08, and adjusted EPS of $0.25. The previous year benefited from contracts that were eventually lost during the year.
More Business. In addition to the 2,400 bed Dilley facility, CoreCivic has received letter agreements from ICE for the potential activation of the 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas and at the 2,560-bed California City Immigration Processing Center in California City, California. Management anticipates additional contracting activity as 2025 progresses.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
