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Sep 30, 2020
Corecivic Q3 2020 Earnings Report
CoreCivic's financial performance decreased due to lower utilization of ICE contracts and COVID-19 impacts.
Key Takeaways
CoreCivic reported a decrease in net income and revenue for Q3 2020 compared to Q3 2019. The decrease was primarily due to lower utilization of existing contracts with ICE and modest utilization declines across many state-level contracts due to the ongoing impact of COVID-19. However, the company repaid $102.2 million in total debt during the quarter and is evaluating the potential sale of certain non-core real estate assets.
Total revenue for Q3 2020 was $468.3 million.
Net income attributable to common stockholders was $26.7 million, or $0.22 per diluted share.
Adjusted diluted EPS was $0.28.
The company repaid $102.2 million in total debt, net of the change in cash.
Corecivic
Corecivic
Forward Guidance
CoreCivic withdrew its financial guidance on April 1, 2020, due to uncertainties associated with COVID-19 and does not expect to provide financial guidance until further clarity is obtained.
Positive Outlook
- The business is very durable.
- The business continues to generate cash flow.
- Facilities and services are essential in the Safety and Community segments.
- The Properties segment is diversified and stable.
- Payments are received from highly rated government agencies.