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Sep 30, 2023
Corecivic Q3 2023 Earnings Report
CoreCivic's Q3 2023 financial results were reported, showing increased revenue and adjusted EPS compared to the previous year.
Key Takeaways
CoreCivic reported a revenue of $483.7 million and a net income of $13.9 million for Q3 2023. Adjusted EPS increased to $0.14, driven by higher federal and state populations and lower interest expense. The company continued its debt reduction strategy, repaying nearly $140 million of debt net of the change in cash so far this year.
Total revenue reached $483.7 million.
Net income was reported at $13.9 million, with diluted earnings per share of $0.12.
Adjusted Diluted EPS increased to $0.14.
The number of individuals in ICE detention populations within CoreCivic facilities increased by 4,729, or 84%, since May 11, 2023.
Revenue by Segment
Forward Guidance
CoreCivic provided updated financial guidance for the full year 2023.
Positive Outlook
- Net income is projected between $58.7 million and $64.9 million.
- Adjusted net income is expected to range from $62.3 million to $68.5 million.
- Diluted EPS is anticipated to be between $0.51 and $0.57.
- Adjusted Diluted EPS is forecasted to be between $0.54 and $0.60.
- EBITDA is projected to be between $298.8 million to $303.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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