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Jun 30, 2024
Corecivic Q2 2024 Earnings Report
CoreCivic's financial performance improved in Q2 2024, driven by higher occupancy rates and effective cost management.
Key Takeaways
CoreCivic reported increased revenue and net income in Q2 2024, driven by higher occupancy and cost management initiatives. Total revenue reached $490.1 million, and net income was $19.0 million, or $0.17 per diluted share. The company repurchased 1.3 million shares of common stock and continued to focus on debt reduction.
Total revenue increased to $490.1 million, a 6% increase compared to Q2 2023.
Net income was reported at $19.0 million, or $0.17 per diluted share.
Occupancy increased to 74.3% from 70.3% in the prior year quarter.
The company repurchased 1.3 million shares of its common stock for $20.1 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CoreCivic provided its financial guidance for the full year 2024, including 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 projected to be between $42.0 million and $50.4 million.
- Adjusted Net Income is expected to be between $65.6 million and $73.6 million.
- Diluted EPS is forecasted to be between $0.37 and $0.45.
- Adjusted Diluted EPS is anticipated to be between $0.58 and $0.66.
- EBITDA is projected to be between $268.0 million and $274.6 million.
Challenges Ahead
- ICE will discontinue using the South Texas Facility as of August 9, 2024.
- The termination of the South Texas Facility contract will impact financial results.
- The company intends to prioritize the use of free cash flow to reduce debt due to the impact of the South Texas Facility closure on leverage ratios.
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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