CoreCivic reports Q3 adjusted EPS 20c, consensus 9c

Reports Q3 revenue $491.6M, consensus $469.83M. Damon Hininger, CoreCivic’s (CXW) CEO, commented, “CoreCivic’s financial results for the third quarter of 2024 demonstrate our continued strong operating momentum. We achieved notable improvement in our operating margin compared with the prior year quarter through our continued cost management diligence and the strong demand for our essential services, evidenced by the increase in our compensated occupancy to 75.2% in the current quarter from 72.0% in the prior year. Operating margins are particularly impacted by occupancy considering operating leverage in our business. Beyond our solid quarterly financial results, CoreCivic’s balance sheet remains strong, and we are pleased with the continued execution of our capital strategy, ending the quarter with leverage, measured as net debt to adjusted EBITDA, at 2.2x for the trailing twelve months – placing us below our target leverage range of 2.25x to 2.75x that we established in August 2020. As we look forward to opportunities in 2025 and beyond, CoreCivic is ready to respond quickly and flexibly to our governmental partner’s needs due to our talented and experienced teams, healthy balance sheet and readily available and modern bed capacity.”