GEO Q1 2023 Earnings Report
Key Takeaways
The GEO Group reported a strong first quarter in 2023, with total revenues of $608.2 million and a net income of $28.0 million. The company reduced its net debt by approximately $70 million and is optimistic about unlocking equity value for shareholders through debt reduction strategies.
Total revenues reached $608.2 million.
Net income was reported at $28.0 million.
Adjusted EBITDA amounted to $130.9 million.
Net debt was reduced by approximately $70 million.
GEO
GEO
Forward Guidance
The company updated its financial guidance for 2023, expecting full year net income to be between $105 million and $125 million on annual revenues of between $2.38 billion and $2.46 billion. For the second quarter of 2023, the company expects net income to be between $24 million and $26 million on quarterly revenues of $585 million to $590 million.