The GEO Group (GEO) – Ending the 2023 Fiscal Year on a Good Note

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Friday, February 16, 2024

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

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.

4Q23 Results. Revenue for the quarter came in at $608.3 million, compared to $620.7 million a year ago. Adjusted EBITDA totaled $129 million, EPS was $0.21, and adjusted EPS $0.29. In the year ago period, GEO reported $145.5 million, $0.28, and $0.34, respectively. We had forecast $600 million, $119.5 million, $0.19, and $0.19, respectively.

Debt Reduction. For the full year, GEO reduced net debt by some $197 million, ending the year with approximately $1.8 billion of net debt. We expect the Company to continue to reduce net debt by $175-$200 million annually.

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*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. 


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