CoreCivic Q2 Revenues Miss Street, Profit Increases

(RTTNews) - CoreCivic, Inc. (CXW) on Monday reported second-quarter increased profit and revenue that missed estimates.

The company reported a net income of $14.83 million or $0.13 per share for the quarter, an increase from last year's profit of $10.56 million or $0.09 per share.

On an adjusted basis, it reported an income of $13.63 million or $0.12 per share, compared to the income of $16.17 million or $0.13 per share the prior year.

Analysts on average had expected the company to earn $0.12 per share, according to figures compiled by Thomson Reuters.

Funds From Operations was $39.05 million, or $0.34 per diluted share, compared to $34.28 million, or $0.28 per diluted share, the prior year.

Normalized FFO, which excludes special items, was $37.83 million, or $0.33 per diluted share, compared with $40.67 million, or $0.34 per diluted share, in the second quarter of 2022.

Revenue increased to $463.68 million from $456.69 million the previous year. It missed the consensus estimate of $467.46 million.

The company revised its adjusted earnings from $0.46 to $0.57 per share to $0.52 to $0.59 per share. It also revised its Normalized FFO from $1.31 to $1.42 per share to $1.37 to $1.45 per share.