Loading...
•
Dec 31, 2023
Corecivic Q4 2023 Earnings Report
CoreCivic's financial performance increased due to higher occupancy and effective cost management.
Key Takeaways
CoreCivic reported a 4% increase in revenue to $491.2 million compared to the prior-year quarter. The increase in FFO was driven by the higher federal and state populations combined with lower interest expense resulting from our debt reduction strategy.
Revenue increased by 4% year-over-year to $491.2 million, driven by strong occupancy and revenue growth in safety and community portfolios.
Normalized FFO increased to $51.3 million, or $0.45 per share, compared to $49.1 million, or $0.42 per share in the prior-year quarter.
Occupancy rates increased in both the safety and community segments, reaching the highest levels since the second quarter of 2020.
The company signed and commenced three new management contracts, boosting incremental occupancy at facilities with available capacity.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CoreCivic introduced its 2024 full-year financial guidance, including a normalized FFO per share forecast of $1.46 to $1.61 and an EBITDA range of $300 million to $313 million.
Positive Outlook
- Growth in state and local residential populations, largely attributable to new contract awards.
- Higher utilization than expected under existing contracts.
- Increase in average daily federal populations compared with 2023.
- Continuation of an improving hiring market for labor with less reliance on temporary incentives.
- Operational efficiencies from new contracts.
Challenges Ahead
- Expiration of the lease with the state of California at the California City Correctional Center, effective March 31, 2024.
- Potential impact from ICE funding levels approved by Congress.
- Potential fluctuations in federal populations.
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
Loading earnings performance data...
Loading earnings reaction data...