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Mar 31, 2023
Corecivic Q1 2023 Earnings Report
CoreCivic's first quarter results were in line with expectations, as the company managed a challenging labor market and executed its capital allocation strategy.
Key Takeaways
CoreCivic reported first quarter 2023 financial results with a total revenue of $458.0 million and a net income of $12.4 million, or $0.11 per diluted share. The company repaid $153.8 million of senior notes and repurchased 2.5 million shares during the quarter.
Total revenue for Q1 2023 was $458.0 million.
Net income for Q1 2023 was $12.4 million, or $0.11 per diluted share.
Adjusted Diluted EPS for Q1 2023 was $0.13.
The company repaid $153.8 million of senior notes and repurchased 2.5 million shares during the quarter.
Corecivic
Corecivic
Forward Guidance
CoreCivic updated its full year 2023 financial guidance to reflect a favorable $0.01 per share variance to its internal forecast for the first quarter of 2023, offset by $0.04 per share to reflect the non-renewal of its lease with the state of Oklahoma at its North Fork Correctional Facility expiring June 30, 2023. The updated guidance was further reduced by $0.03 per share to reflect the potential transition of inmate populations out of the Davis Correctional Facility during the second quarter of 2023 and idle operations during the second half of the year.