Wednesday, November 08, 2023
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , 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.
3Q23 Results. Revenue for the quarter came in at $602.8 million, compared to $616.7 million a year ago. Adjusted EBITDA totaled $118.7 million, EPS was $0.16, and adjusted EPS $0.19. In the year ago period, GEO reported $136.2 million, $0.26, and $0.33, respectively. We had forecast $595 million, $125.6 million, $0.21, and $0.21, respectively.
Overcoming ISAP. Population declines under the ISAP program continue to be a headwind, with segment revenue $42.6 million y-o-y. Secure Services revenue was off modestly, while Reentry Services, Managed Only, and Non-residential Services all saw nice increases in revenue.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.