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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.
Corecivic
Corecivic
Corecivic Revenue by Segment
Revenue by Segment
Safety Revenue
CapyFin.comCommunity Revenue
CapyFin.comProperties Revenue
CapyFin.com 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