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Jun 30, 2021
GEO Q2 2021 Earnings Report
Reported strong second quarter results and increased financial guidance for the full year.
Key Takeaways
The GEO Group reported a strong second quarter with total revenues of $565.4 million and net income attributable to GEO of $42.0 million. The company's better-than-expected performance was driven by favorable cost trends, higher occupancies, and increased revenue from the electronic monitoring segment. They have also increased their financial guidance for the full year.
Total revenues reached $565.4 million.
Net Income Attributable to GEO was $42.0 million.
Adjusted Net Income amounted to $50.8 million.
Normalized FFO was $0.58 per diluted share.
GEO
GEO
Forward Guidance
The company has increased its financial guidance for the full year 2021.
Challenges Ahead
- Contracts with the Federal Bureau of Prisons at the Big Spring Correctional Facility and Flightline Correctional Facility in Texas will not be renewed when the current contract option periods expire on November 30, 2021.