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Dec 31, 2019
Corecivic Q4 2019 Earnings Report
CoreCivic's Q4 2019 financial results were announced, featuring a mix of growth and challenges.
Key Takeaways
CoreCivic reported a net income increase of 2% for Q4 2019, while adjusted net income decreased by 11%. Diluted EPS remained flat, but adjusted diluted EPS saw a 10% decrease. The company experienced lower ICE utilization than forecasted, which impacted per share results.
Net income increased by 2% to $42.0 million compared to the previous year.
Adjusted net income decreased by 11% to $42.8 million year-over-year.
Diluted EPS was $0.35, consistent with the prior year quarter.
Adjusted diluted EPS decreased by 10% to $0.36 compared to the same quarter last year.
Corecivic
Corecivic
Corecivic Revenue by Segment
Revenue by Segment
Safety Revenue
CapyFin.comCommunity Revenue
CapyFin.comProperties Revenue
CapyFin.com Forward Guidance
CoreCivic provided financial guidance for Q1 2020 and full year 2020, anticipating lower ICE utilization and higher interest expenses.
Positive Outlook
- Diluted EPS is expected to be in the range of $0.23 to $0.27 for Q1 2020 and $1.34 to $1.43 for the full year 2020.
- Adjusted EPS per diluted share is projected to be between $0.26 and $0.29 for Q1 2020, and $1.38 to $1.47 for the full year 2020.
- FFO per diluted share is anticipated to be $0.46 to $0.50 for Q1 2020 and $2.26 to $2.36 for the full year 2020.
- Normalized FFO per diluted share is expected to be in the range of $0.49 to $0.53 for Q1 2020 and $2.30 to $2.40 for the full year 2020.
- The company expects to invest $86.5 million to $92.0 million in capital expenditures during 2020.
Challenges Ahead
- The 2020 guidance reflects lower utilization from ICE compared to 2019.
- The 2020 guidance includes higher interest expense due to recent financing transactions.
- Capital expenditures include prison construction, maintenance, IT investments, and tenant improvements.
- These estimates exclude M&A activity, indicating potential unforeseen expenses.
- Lower ICE utilization is expected at many facilities compared with 2019
Revenue & Expenses
Visualization of income flow from segment revenue to net income