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Jun 30, 2023
Corecivic Q2 2023 Earnings Report
CoreCivic's financial results for Q2 2023 were reported, with total debt reduced and full-year guidance increased.
Key Takeaways
CoreCivic reported improved financial results for the second quarter of 2023, surpassing forecasts and leading to an increased financial outlook for the year. The company reduced its total debt by $34.1 million and repurchased $21.0 million of senior notes. The post-pandemic environment and the expiration of Title 42 have presented new challenges and increased the need for correctional and detention capacity.
Total revenue reached $463.7 million.
Net income was reported at $14.8 million, with diluted earnings per share of $0.13.
Adjusted diluted EPS stood at $0.12.
The company reduced total debt by $34.1 million and repurchased $21.0 million of senior notes.
Revenue by Segment
Forward Guidance
CoreCivic updated its financial guidance for the full year 2023, with increased expectations for net income, adjusted net income, diluted EPS, adjusted diluted EPS, FFO per diluted share, normalized FFO per diluted share, EBITDA, and adjusted EBITDA.
Positive Outlook
- Net income is expected to be between $58.4 million and $66.4 million.
- Adjusted net income is projected to be between $59.5 million and $67.5 million.
- Diluted EPS is anticipated to be in the range of $0.51 to $0.58.
- Adjusted Diluted EPS is expected to be between $0.52 and $0.59.
- EBITDA is projected to be between $297.0 million and $303.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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