Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
CoreCivic Inc (CXW)
NYSE:CXW
Holding CXW?
Track your performance easily
Earnings Data
Report Date
Feb 05, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.1Last Year’s EPS
$0.23Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: 18.60%
|Next Earnings Date:Feb 05, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mixed picture, with strong revenue growth and operational improvements counterbalanced by challenges in federal revenue and specific segment income declines. While CoreCivic has achieved significant financial metrics such as leverage targets and occupancy growth, it faces some revenue headwinds due to specific facility closures and legal settlements.Company Guidance
During CoreCivic's third-quarter 2024 earnings call, the company provided financial guidance for the year, projecting adjusted EPS of $0.69 to $0.75 and normalized FFO per share of $1.59 to $1.65. This guidance reflects an increase from previous estimates, driven by a 23% year-over-year increase in normalized FFO per share to $0.43 and an 11% increase in adjusted EBITDA to $83.3 million. The company reported a 2% revenue growth to $491.6 million, despite a decline in revenue from ICE, their largest federal partner, by 3.4%. Excluding the closure of the South Texas Family Residential Center, ICE revenue saw a 10.9% increase. CoreCivic's overall occupancy in its Safety and Community segments rose to 75.2%, contributing to a 25% increase in net operating income for the Safety segment. The company also noted a reduction in labor-related expenses by $9.7 million and continued its leverage reduction efforts, achieving a 2.2x net debt to adjusted EBITDA ratio. CoreCivic remains focused on potential new contracts and opportunities, particularly with the United States Marshals Service and ICE, as it looks to adjust to changes following the recent election.Revenue Increase
CoreCivic generated revenue of $491.6 million, a 2% increase compared with the prior year quarter. Excluding the South Texas Family Residential Center, revenue would have increased over 5% against the prior year.
Significant Increase in Funds from Operations
Normalized funds from operations increased to $47.6 million or $0.43 per share, a 23% per share increase from $40.5 million or $0.35 per share in the third quarter of 2023.
Operational Improvements and Occupancy Growth
CoreCivic's overall occupancy in the Safety and Community segments increased to 75.2% from 72% in the prior year. This growth stems from higher use of existing contracts and new contracts signed.
Leverage Target Achievement
CoreCivic achieved its leverage target, ending the quarter with leverage at 2.2x trailing 12-month adjusted EBITDA, slightly below the long-term target.
Rising State Revenues
Revenue from state partners grew 3% versus the prior year, driven by higher per diem rates and new contracts with Wyoming and Montana.
Significant Local Revenue Growth
Local revenue in Safety and Community segments increased 39%, reflecting new management contracts with Hinds County, Mississippi, and Harris County, Texas.
---
CXW Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
CXW Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $17.58 | $22.08 | +25.60% |
| Aug 07, 2024 | $12.26 | $12.67 | +3.34% |
| May 08, 2024 | $15.36 | $15.49 | +0.85% |
| Feb 07, 2024 | $14.15 | $15.00 | +6.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does CoreCivic Inc (CXW) report earnings?
CoreCivic Inc (CXW) is schdueled to report earning on Feb 05, 2025, TBA Not Confirmed.
What is CoreCivic Inc (CXW) earnings time?
CoreCivic Inc (CXW) earnings time is at Feb 05, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CXW EPS forecast?
CXW EPS forecast for the fiscal quarter 2024 (Q4) is $0.1.
---