Thursday, May 05, 2022
CoreCivic, Inc. (CXW)
First Look at 1Q22
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Miss. CoreCivic reported first quarter results after the market closed yesterday. Revenue came in at $453 million, compared to $454.7 million in the same period last year. Consensus was $465 million. The Company reported adjusted net income of $17.4 million, or $0.14 per share, compared to $29.3 million, or $0.24 per share last year. Consensus EPS net income was $23.1 million, or $0.19 per share. We had projected revenue of $473 million and EPS of $0.18.
What Drove the Miss? Headwinds include a challenging labor market, especially for nurses, disruption from the commencement of the La Palma contract in Arizona, and a drop in federal detainees, partially offset by higher populations at the state level….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.