CoreCivic Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
CoreCivic, Inc. Reports Second Quarter 2024 Financial Results
BRENTWOOD, Tenn., Aug. 07, 2024 (GLOBE NEWSWIRE) -- CoreCivic, Inc. (NYSE: CXW) announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | QoQ Comparison | YoY Comparison | Consensus Estimates | Comparison to Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $490.1M | $467.4M | +0.54% | +4.86% | $481.87M | Beat |
| Diluted EPS | $0.17 | $0.13 | +30.77% | +30.77% | $0.13 | Beat |
| Adjusted Diluted EPS | $0.20 | $0.12 | +66.67% | +66.67% | Not Provided | Not Applicable |
| Adjusted EBITDA | $83.9M | $72.1M | +16.32% | +16.32% | Not Provided | Not Applicable |
| Normalized FFO per diluted share | $0.42 | $0.33 | +27.27% | +27.27% | Not Provided | Not Applicable |
Interpretation: CoreCivic, Inc. achieved solid financial performance in the second quarter, surpassing consensus revenue estimates and earnings per share expectations. The increase in both adjusted EBITDA and normalized FFO per share reflects improved occupancy rates and effective cost management initiatives.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | YoY Comparison | QoQ Comparison |
|---|---|---|---|---|
| CoreCivic Safety | $455.4M | Not Provided | Not Provided | Not Applicable |
| CoreCivic Community | $30.3M | Not Provided | Not Provided | Not Applicable |
| CoreCivic Properties | $4.4M | Not Provided | Not Provided | Not Applicable |
Interpretation: The CoreCivic Safety segment leads revenue generation, driven primarily by increased occupancy and federal, state, and local populations. Both CoreCivic Community and Properties contributed positively, although their financial specifics in terms of guidance comparisons were not provided.
Operational Data
| Operational Metric | Value |
|---|---|
| Facility Occupancy Rate | 74.3% |
Interpretation: The occupancy rate saw an improvement, up from 70.3% in the prior-year quarter, indicative of the company's successful cost management and higher utilization rates.
Management Comments
Damon T. Hininger, President and CEO, highlighted, "CoreCivic carried its strong operating momentum into the second quarter of 2024. Revenue increased 6% versus the second quarter of 2023, with federal, state, and local revenues all increasing. Occupancy increased to 74.3% from 70.3% in the prior year quarter, and our cost management initiatives are proving effective."
Share Repurchase Program
| Share Repurchases Details |
|---|
| Repurchased Shares (During Q2 2024) |
| Total Cost |
| Authorization Increase (May 16, 2024) |
| Total Aggregate Authorization |
| Remaining Authorization (As of June 30, 2024) |
Forward Guidance
CoreCivic restored its financial guidance for 2024: - Capital Expenditures : Estimated between $70.0 million to $76.0 million. - Maintenance Capital Expenditures : $30.0 million to $31.0 million on real estate assets and $32.0 million to $35.0 million for other assets and IT.
Stock Price Movement
Following the earnings release, CoreCivic's stock price saw a moderate increase of 0.57%.
CoreCivic, Inc.’s positive results reflect strong management and operational efficiency, alongside an effective capital allocation strategy. The company's financial health remains robust, with forward-looking measures to ensure sustainability and growth.
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