Nicola Mining Inc. (HUSIF) – Pivoting to Revenue and Cash Flow Growth


Friday, August 22, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Accelerated warrant exercise. Nicola Mining Inc. (TSX.V: NIM, OTCQB: HUSIF, FSE: HLIA) reported the accelerated exercise of 2,019,477 share purchase warrants at C$0.40 each, generating C$807,791 in gross proceeds. On July 21, Nicola Mining announced that it was electing to accelerate the expiry of all the outstanding common share purchase warrants originally issued under a financing that closed in March 2025.  

Merritt Mill is ramping up production. With 200 tonnes per day of capacity, Nicola’s Merritt Mill is transitioning to full commercial production and cash flow generation. Nicola expects to utilize 100% of the mill’s capacity by the end of the third quarter. In early July, the Merritt Mill began processing ore received from Talisker Resources’ Bralorne project. In addition to processing ore for Talisker, ore is expected to be received during the third quarter from Blue Lagoon’s Dome Mountain gold mine, and from the Dominion Creek Gold Project, of which Nicola owns a 75% economic interest. Cash milling margins of 15% to 18% are expected at full capacity.


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. 

Aurania Resources (AUIAF) – Private Placement Financing Enhances Financial Flexibility


Friday, August 22, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Oversubscribed private placement. Aurania raised gross proceeds of C$1,906,355.76 with the issuance of 15,886,298 units at C$0.12 per unit. Each unit is composed of one common share and one common share purchase warrant that entitles the holder to purchase one common share at an exercise price of C$0.25 for 24 months following the date of issuance. Dr. Keith Barron, CEO and director, acquired 5,741,666 units during the offering.

Use of proceeds. Aurania intends to use the net proceeds primarily for exploration programs and general working capital purposes. In our view, the oversubscribed private placement significantly enhances the company’s financial flexibility.


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. 

Release – CoreCivic Announces Patrick D. Swindle to Succeed Damon T. Hininger as Chief Executive Officer

Research News and Market Data on CXW

August 18, 2025

PDF Version

Hininger to Remain Special Advisor to both CEO and Board Chairman During Transition Agreement

BRENTWOOD, Tenn., Aug. 18, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic” or “Company”) announced today that CoreCivic’s Board of Directors (the “Board”) has appointed Patrick D. Swindle to President and Chief Executive Officer, effective January 1, 2026. This follows Mr. Swindle’s appointment as President and Chief Operating Officer on January 1, 2025. Mr. Swindle will succeed Damon T. Hininger, who has served as Chief Executive Officer since August 17, 2009. In addition, effective January 1, 2026, Mr. Hininger will resign from CoreCivic’s Board, and Mr. Swindle will be appointed to fill the vacancy.

“We are excited to welcome Patrick as our new Chief Executive Officer,” said Mark Emkes, CoreCivic’s Board Chairman. “His vision and expertise make him the ideal leader to guide CoreCivic into its next chapter. As Chief Operating Officer, he has overseen the largest component of the business, and he has proven his ability to develop people and solve challenging problems. Since his promotion to President, Patrick’s responsibilities have expanded, and he’s led CoreCivic’s teams exceptionally well during a period of rapid growth.”

Mr. Swindle brings more than eighteen years of industry experience, having served in various leadership positions at CoreCivic. He joined CoreCivic in 2007 as Managing Director, Treasury and has held numerous positions, including Vice President, Strategic Development; Senior Vice President, Operations; Executive Vice President and Chief Corrections Officer; and Executive Vice President and Chief Operating Officer before being promoted to President and Chief Operating Officer in January 2025.

During his tenure, Mr. Swindle has enhanced the practices for our strategic development initiatives, transformed the Company’s operations department, and most recently, led the teams responsible for activations of certain idle facilities. In 2018, he led efforts to restructure CoreCivic’s operational leadership team while standardizing core processes such as workforce management, resident programming, and security functions, based on the evolving needs and opportunities for CoreCivic. Those efforts, which Mr. Swindle has continued to build upon and refine during his tenure, have resulted in greater operational consistency and organizational strength while positioning CoreCivic to meet the increased demand for the Company’s innovative solutions today and going forward. Most recently, Mr. Swindle’s leadership of the teams responsible for the activations of certain idle facilities has shown that the Company can act swiftly and efficiently scale to meet the growing needs of the Company’s government partners while maintaining the high level of professional integrity and quality operations expected by the Company’s stakeholders.

“I’m grateful to the Board for this opportunity and to Damon for his exemplary guidance and partnership,” said Swindle. “CoreCivic is uniquely positioned for growth and future success, and I’m excited to continue working alongside our talented team as we work to fulfill our mission, drive value for our government partners and stockholders, and make a difference in the lives of individuals entrusted to our care.”

Prior to joining CoreCivic, Mr. Swindle spent ten years in equity research in the equity capital markets divisions of SunTrust Equitable Securities, Raymond James Financial Services, Inc. and Avondale Partners, LLC. Mr. Swindle holds a bachelor’s degree in finance from Western Kentucky University.

“As I mentioned when Patrick was promoted to President, he’s an exceptional leader with a broad set of skills and experiences, and over many years, has developed a deep knowledge of CoreCivic’s business, strong relationships with our customers, field leaders, investors, and other key stakeholders,” said Hininger. “Having seen his outstanding performance since stepping into the role of President, I’m more confident than ever in Patrick’s ability to lead CoreCivic forward. Finally, this transition has gone exactly the way I had hoped and on a personal note, I am so extremely proud and happy for Patrick.”

In connection with the appointment of Mr. Swindle as CEO, Mr. Hininger and CoreCivic have entered into a transition agreement with an effective date of January 1, 2026. Under the transition agreement, Mr. Hininger will work closely with both Mr. Swindle and Mr. Emkes, as a Special Advisor to the CEO and Chairman, to ensure a smooth transition.

“On behalf of the Board and management, I would like to thank Damon for his invaluable service and leadership to CoreCivic,” said Emkes. “Damon has boldly led CoreCivic through periods of substantial transformation and innovation. His thoughtful leadership, strategic vision, and dedication to CoreCivic’s mission have established a foundation for continued growth and success. The Board and management extend their deep appreciation for his many years of service and his ongoing support during this transition period.”

“I am humbled by the opportunity to have served this great company since I started my career as a correctional officer in 1992. This has been such an amazing ride!  Never in my wildest dreams when starting my career with this company did I think someday I would be CEO,” added Hininger. “To our employees, both current and retired, customers, and investors, it has been a tremendous honor and a privilege to work with you all and to serve as CEO of CoreCivic for the past sixteen years.”

About CoreCivic

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 one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 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.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, but not limited to, statements concerning the expected transition of executive leadership at CoreCivic and prospects of growth in CoreCivic’s business. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ from our expectations are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 21, 2025 and subsequent filings.

CoreCivic takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.

Contact:Investors: Jeb Bachmann – Managing Director, Investor Relations – (615) 263-3024
Media: Steve Owen – Vice President, Communications – (615) 263-3107


A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31f06d6b-25b5-4a6a-88fb-42ac1d96ad42

AZZ (AZZ) – Analyst Day Highlights


Monday, August 18, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Analyst Day. AZZ hosted an analyst day that included a tour of the company’s new Precoat Metals facility in Washington, Missouri. Mr. Tom Ferguson, CEO, provided opening remarks followed by presentations by Mr. Kurt Russell, Chief Strategy Officer, Mr. Todd Bella, Senior Vice President, Metal Coatings, Mr. Jeff Vellines, President and Chief Operating Officer, Precoat Metals, and Mr. Jason Crawford, Chief Financial Officer.

Organic and acquired growth. The company’s three-year goals include generating over two billion dollars in sales in fiscal year 2028 compared to its trailing twelve-month sales of $1.6 billion. Organic growth is expected to exceed GDP growth by a factor of two, and AZZ is targeting acquisitions that strengthen both of its business segments. Management has identified over 68 potential acquisition opportunities, with 13 under evaluation. The company recently acquired Canton Galvanizing, LLC in July, which expanded AZZ’s metal coating capabilities in the U.S. Midwest.


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. 

Release – CoreCivic Announces New Contract Award To Resume Operations At West Tennessee Detention Facility

Research News and Market Data on CXW

August 14, 2025

PDF Version

BRENTWOOD, Tenn., Aug. 14, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (“CoreCivic”) announced today that it has been awarded a new contract under an intergovernmental services agreement (IGSA) between the City of Mason, Tennessee, and U.S. Immigration and Customs Enforcement (ICE) to resume operations at the Company’s 600-bed West Tennessee Detention Facility, a facility that has been idle since September 2021.

The IGSA expires in August 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $30 million to $35 million, with margins consistent with the CoreCivic Safety segment. We expect this award to have a minimal impact on earnings in the third quarter of 2025, and accretive to earnings beginning in the fourth quarter of 2025, with full ramp currently expected to be complete by the end of the first quarter of 2026.

Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “We are grateful for the trust our government partner has placed in us in reactivating the West Tennessee Detention Facility. Including the West Tennessee Detention Facility, we have reactivated four previously idle facilities aggregating approximately 6,600 beds, and made available to ICE over 1,000 additional detention beds through four contract modifications announced earlier this year, providing the agency with over 7,600 beds to help the agency meet its growing needs.”

Patrick D. Swindle, CoreCivic’s President and Chief Operating Offer added, “We are also grateful for the cooperation the City of Mason has provided in quickly working to expedite the reactivation of the facility. When fully activated, we expect to add well over 200 jobs to the local community, and we look forward to working with the City under this new relationship.”

About CoreCivic

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 one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 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.

Cautionary Note Regarding Forward-Looking Statements

This press release includes statements as to our beliefs and expectations of the outcome of future events that are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may include such words as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Such forward-looking statements may be affected by risks and uncertainties in CoreCivic’s business and market conditions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Important factors that could cause actual results to differ are described in the filings made from time to time by CoreCivic with the Securities and Exchange Commission (“SEC”) and include the risk factors described in CoreCivic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Except as required by applicable law, CoreCivic undertakes no obligation to update forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Contact:  Investors: Jeb Bachmann – Managing Director, Investor Relations – (615) 263-3024
Media: Steve Owen – Vice President, Communications – (615) 263-3107

NN (NNBR) – First Look – 2Q25


Thursday, August 07, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overview. NN delivered a solid quarter for gross margins, operating income, adjusted operating income, and adjusted EBITDA. The soft top-line centered around certain automotive customers, which is being partially offset through the contribution of new business launches and precious metals pass-through pricing.

2Q25. On a reported basis, Net sales were $107.9  million, a decrease of 12.3% compared to the second quarter of 2024. We were at $109 million. On an adjusted basis, net sales were off 2.4%. Adjusted income from operations for 2Q25 was $4.9  million compared to adjusted income from operations of $2.1  million for the same period in 2024. Adjusted EBITDA was  $13.2 million, or 12.2% of sales, compared to $13.4  million, or 10.9% of sales, for the same period in 2024.


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. 

Western Midstream to Acquire Aris Water Solutions in $2B Deal

Key Points:
– Western Midstream to acquire Aris Water Solutions for ~$2B in cash and equity.
– Deal creates a fully integrated produced-water system in the Delaware Basin.
– Acquisition expands WES’s New Mexico footprint and diversifies its customer base.

Western Midstream Partners announced Tuesday that it will acquire Aris Water Solutions in a cash-and-equity deal valued at approximately $2 billion. The transaction aims to strengthen Western Midstream’s position as a leading full-cycle water infrastructure provider in the Permian Basin, particularly in the Delaware sub-basin.

Under the agreement, Aris shareholders will receive either 0.625 Western Midstream common units or $25 per share in cash, subject to proration and totaling no more than $415 million in cash consideration. The deal represents a 23% premium to Aris’s closing share price and a 10% premium to its 30-day volume-weighted average price. Once completed, Aris shareholders are expected to own about 7% of the combined company.

The acquisition is expected to significantly enhance Western Midstream’s ability to serve oil and gas producers with water gathering, recycling, disposal, and transport services. Aris brings a portfolio of assets that includes approximately 790 miles of water pipelines, 1,800 MBbls/d of disposal capacity, and 1,400 MBbls/d of recycling capacity. The company also operates on over 625,000 dedicated acres under long-term contracts with a number of investment-grade exploration and production customers.

In addition to operational expansion, the transaction provides access to the McNeill Ranch in New Mexico. The asset includes surface rights and pore space that can be used to expand disposal capacity in a region that has seen accelerated drilling activity and increased water-handling demand.

Executives from both companies say the integration will create long-term value through infrastructure synergies, increased flow assurance for producers, and more efficient capital allocation. The combination also positions the new entity as a differentiated provider of water infrastructure services at a time when producers are looking for environmentally sustainable and cost-effective water management solutions.

Western Midstream expects the deal to be accretive to its free cash flow per unit in 2026. The company is targeting $40 million in annual cost synergies and plans to maintain a pro forma net leverage ratio of approximately 3.0x. Additionally, the ongoing development of long-haul infrastructure like the Pathfinder pipeline is expected to provide added operational flexibility and growth potential.

The acquisition underscores a growing trend in the energy sector, where midstream companies are investing more heavily in water infrastructure as a strategic asset. With environmental regulations tightening and production efficiency under the spotlight, control over water recycling and disposal has become a core competitive advantage for Permian operators.

Release – NN, Inc. Reports Second Quarter 2025 Results

Research News and Market Data on NNBR

PDF Version

 Improvement in Operating Income, Adjusted EBITDA, and New Business Program

Company Reiterates Full Year 2025 Guidance
 

CHARLOTTE, N.C., Aug. 06, 2025 (GLOBE NEWSWIRE) — NN, Inc. (NASDAQ: NNBR) (“NN” or the “Company”), a global diversified industrial company that engineers and manufactures high-precision components and assemblies, today reported results for the second quarter ended June 30, 2025.

Second Quarter Highlights: (results from continuing operations compared with prior year, where comparisons are noted)

  • Net sales of $107.9 million, down 2.4% on a pro forma basis
  • Gross margin of 16.9%, and adjusted gross margin of 19.5%
  • Operating loss of $1.5 million and adjusted operating income of $4.9 million, an increase of $2.8 million
  • Adjusted EBITDA of $13.2 million, with an adjusted EBITDA margin of 12.2%
  • New business wins were $32.7 million in the first half of 2025, and NN has over 100 programs launching in 2025 that are expected to add greater than $45 million in future sales at full run-rate

Harold Bevis, President and Chief Executive Officer, said, “NN delivered a solid quarter for gross margins, operating income, adjusted operating income, and adjusted EBITDA. We are pleased with our reported results, new business acquisition, and new business launches. We leveraged the soft market environment to upsize our business development activities and investments. Our soft top-line centers around certain automotive customers. Conversely, we have been able to partially offset this weakness through the contribution of new business launches and precious metals pass-through pricing.”

“We have increased the size of our new business program in terms of prospecting, launching, and investing. We now have over 40 people in business development and launch, and we expect to launch over 100 new programs in 2025. We expect those launches will add over $45 million in future sales at run-rate. We plan to invest $18 to $20 million on capital projects in 2025. The twin goals of lowering our costs overall as a company while adding increased focus on growth is working and will be the main drivers of sustained top-line growth and increased profitability.”

Mr. Bevis continued, “Our current expectation is that some of our automotive markets may have similar soft patterns in the second half of 2025. In response, we have activated our own mitigation levers including tight cost controls and working capital actions. We are underway with tariff mitigation efforts with our customers and have positioned ourselves as a tariff problem solver.”

“We are using this opportunity to accelerate our transformation activities. We are actively investing in growth capex, and we have hired additional personnel to accelerate growth in our targeted areas. We recently announced the hiring of Tim Erro as NN’s new Chief Commercial Officer and have also added new account managers in our targeted areas of medical, stampings, and electrical products. We now have a core team of electrical harness experts and are evaluating an organic entry into this new market, just as we have done to enter the medical market.”

Mr. Bevis concluded, “Our transformation plan is working and we have increased our efforts during this slow auto market. Lastly, we have fully kicked off an M&A program and are seeking targets that are consistent with our strategy and can help refinance our preferred stock.”

Second Quarter Results

Net sales were $107.9 million, a decrease of 12.3% compared to the second quarter of 2024 net sales of $123.0 million, primarily due to the rationalization of underperforming business and plants in 2024, the sale of our Lubbock operations in 2024, and lower automotive volumes. These decreases were partially offset by the contribution of 70 new business launches in the first half of 2025 and higher precious metals pass-through pricing. Loss from operations for the second quarter of 2025 was $1.5 million, an improvement of 28.6% compared to the second quarter of 2024 loss from operations of $2.1 million.

Second Quarter Adjusted Results

Pro forma net sales when adjusted for rationalized sales, currency changes, and the sale of Lubbock, were a decrease of 2.4% in the second quarter when compared to the second quarter of 2024.

Adjusted income from operations for the second quarter of 2025 was $4.9 million compared to adjusted income from operations of $2.1 million for the same period in 2024. Adjusted EBITDA was $13.2 million, or 12.2% of sales, compared to $13.4 million, or 10.9% of sales, for the same period in 2024.

Adjusted net income was $0.7 million, or $0.02 per diluted share, compared to adjusted net loss of $0.7 million, or $(0.02) per diluted share, for the same period in 2024. Free cash flow was a use of cash of $3.2 million compared to a use of cash of $1.3 million for the same period in 2024.

Power Solutions

Net sales for the second quarter of 2025 were $44.6 million compared to $50.2 million in the same period in 2024. The decrease is primarily due to the sale of our Lubbock operations, partially offset by higher precious metals pass-through pricing. Income from operations was $5.8 million compared to income from operations of $5.3 million for the same period in 2024.

Adjusted income from operations was $8.4 million compared to $8.1 million in the second quarter of 2024. The increase in adjusted income from operations was primarily due to favorable product mix, and lower operating costs.

Mobile Solutions

Net sales for the second quarter of 2025 were $63.4 million compared to $72.9 million in the second quarter of 2024. The decrease in sales was primarily due to rationalized volume and lower automotive volume. Loss from operations was $1.1 million compared to loss from operations of $1.6 million for the same period in 2024.

Adjusted income from operations was $2.3 million compared to adjusted loss from operations of $0.7 million in the second quarter of 2024. The increase in adjusted income from operations was primarily due to improved margin mix of sales and lower operating costs.

2025 Outlook

NN is maintaining its full-year 2025 outlook.

  • Net sales to range between $430 to $460 million
  • Adjusted EBITDA to range between $53 to $63 million
  • Free cash flow to range between $14 to $16 million; guidance assumes receipt of CARES Act refund in 2025
  • New business wins to range between $60 to $70 million

Chris Bohnert, Senior Vice President and Chief Financial Officer, commented, “Our second quarter results were largely in line with expectations. We are maintaining our current guidance and given the ongoing tariff-driven uncertainties and the anticipated downstream effects for our customers, we continue to direct expectations towards the lower end of our guided ranges. We note that the uncertainty of the current macroeconomic environment, particularly the potential for shifts in trade policy and interest rates could drive variability in our results, which may fall above or below our current forecasts. Irrespective of the near-term macroeconomic backdrop, we continue to pursue expense mitigation and operational efficiencies to partially offset potential impacts to end market demand. We are investing in commercial enhancements to accelerate future growth, and we remain optimistic about the strong pace of our transformation and growth opportunities.”

Conference Call

NN will discuss its results during its quarterly investor conference call on August 7, 2025, at 9 a.m. ET. The call and supplemental presentation may be accessed via NN’s website, www.nninc.com. The conference call can also be accessed by dialing 1-888-999-3182 or 1-848-280-6330. For those who are unavailable to listen to the live broadcast, a replay will be available shortly after the call until August 7, 2026.

NN discloses in this press release the non-GAAP financial measures of adjusted income (loss) from operations, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted common share, and free cash flow. Each of these non-GAAP financial measures provides supplementary information about the impacts of acquisition, divestiture and integration related expenses, foreign-exchange impacts on inter-company loans, reorganizational and impairment charges.

The financial tables found later in this press release include a reconciliation of adjusted income (loss) from operations, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted net income (loss) per diluted share, free cash flow to the U.S. GAAP financial measures of income (loss) from operations, net income (loss), net income (loss) per diluted common share, and cash provided (used) by operating activities.

About NN, Inc.

NN, Inc., a global diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, South America, Europe and China. For more information about the company and its products, please visit www.nninc.com.

This press release contains express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the full year of fiscal 2025, the impact of, and our ability to execute, our corporate strategies and business initiatives and the potential impact tariffs, high interest rates, high metal costs and additional economic uncertainties may have on our financial statements and results of operations. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project”, “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the potential impacts of tariffs on the U.S. economy, the economy of other countries in which we conduct operations and our industry, as well as the potential implications and ramifications of tariffs on our business and the local and global supply chains supporting the same, and our ability to mitigate any adverse impacts of such; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; uncertainty of government policies and actions after recent U.S. elections in respect to global trade, tariffs and international trade agreements; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s filings made with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date of this press release and are based on information available to NN at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.

With respect to any non-GAAP financial measures included in the following document, the accompanying information required by SEC Regulation G can be found in the back of this document or in the “Investors” section of the Company’s web site, www.nninc.com, under the heading “News & Events” and subheading “Presentations.”

Investor & Media Contacts: 
Joe Caminiti or Stephen Poe
NNBR@alpha-ir.com
312-445-2870

View full release here.

Source: NN, Inc.

Release – CoreCivic Reports Second Quarter 2025 Financial Results

Research News and Market Data on CXW

August 6, 2025

PDF Version

Raises 2025 Full Year Guidance 
Increasing Demand Drives Strong Financial Performance

BRENTWOOD, Tenn., Aug. 06, 2025 (GLOBE NEWSWIRE) — CoreCivic, Inc. (NYSE: CXW) (CoreCivic or the Company) announced today its second quarter 2025 financial results.  

Financial Highlights – Second Quarter 2025

  • Total revenue of $538.2 million, up 9.8% from the prior year quarter
  • Net income of $38.5 million, up 103.4% from the prior year quarter
  • Diluted earnings per share of $0.35, up 105.9% from the prior year quarter
  • Adjusted diluted earnings per share of $0.36, up 80.0% from the prior year quarter
  • Normalized FFO per diluted share of $0.59, up 40.5% from the prior year quarter
  • Adjusted EBITDA of $103.3 million, up 23.2% from the prior year quarter
  • Repurchased 2.0 million shares of our common stock at an aggregate cost of $43.2 million

Damon T. Hininger, CoreCivic’s Chief Executive Officer, commented, “Increasing demand for the solutions we provide, particularly from U.S. Immigration and Customs Enforcement (ICE), contributed to a strong second quarter, as nationwide detention populations under ICE custody reached an all-time high. We expect the substantial increase in government funding approved during July to result in further increases in the utilization of our existing capacity. Based on the strength of our second quarter financial results and outlook for our business during the second half of 2025, we are increasing our 2025 financial guidance.”

Hininger continued, “We continued to deploy capital in ways that we believe add shareholder value. During the second quarter, we repurchased 2.0 million shares of our common stock at an aggregate cost of $43.2 million. At the beginning of the third quarter, we completed the acquisition of the Farmville Detention Center in Virginia for $67 million at an attractive return.”

Patrick Swindle, CoreCivic’s President and Chief Operating Officer, remarked, “We made substantial progress in re-activating three previously idled facilities during the second quarter, and our activation teams are preparing for additional contracting activity. ICE has been deliberate in increasing detention utilization under existing contracts while also executing new contracts at previously idled facilities. We expect to begin receiving detainees at our California City Immigration Processing Center in the near term, we are in advanced negotiations to activate a fourth idle facility, and we continue discussions to activate additional idle facilities. During the third quarter we also began integrating operations at the Farmville Detention Center, where we provide transportation, care, and civil detention services to adult male noncitizens under ICE custody. Along with the acquisition of the facility, we welcomed approximately 200 employees to our team.”

Second Quarter 2025 Financial Results Compared With Second Quarter 2024

Net income in the second quarter of 2025 was $38.5 million, or $0.35 per diluted share, compared with net income in the second quarter of 2024 of $19.0 million, or $0.17 per diluted share (Diluted EPS).   Adjusted for special items, Adjusted Net Income for the second quarter of 2025 was $39.7 million, or $0.36 per diluted share (Adjusted Diluted EPS), compared with Adjusted Net Income of $21.8 million, or $0.20 per diluted share, in the prior year quarter. Special items in the second quarter of 2025 included charges of $1.5 million associated with the acquisition of the Farmville Detention Center, included in general and administrative expenses in our consolidated statement of operations. Special items in the prior year quarter included $4.1 million of expenses associated with debt repayments and refinancing transactions. Special items are presented in detail in the calculation of Adjusted Net Income and Adjusted Diluted EPS in the Supplemental Financial Information following the financial statements presented herein.  

The increase in Diluted EPS and Adjusted Diluted EPS compared with the prior year quarter resulted from higher federal and state populations as well as higher average per diem rates across much of our portfolio, combined with the recognition of employee retention credits (ERCs) available under the Coronavirus Aid, Relief and Economic Security Act amounting to $0.08 per share. These increases were net of the financial impact of the termination of our contract with ICE at the Dilley Immigration Processing Center effective August 9, 2024. However, we began re-activating the Dilley facility during March 2025.   The agreement governing the reactivation provides for a fixed monthly payment from ICE in accordance with a graduated schedule to correlate with the activation of each neighborhood within the facility. The Dilley facility accounted for a $0.07 per share reduction compared with the second quarter of 2024.

We cared for an average daily residential population of 54,026 during the second quarter of 2025 in our Safety and Community segments compared with 51,541 during the second quarter of 2024. Average occupancy during the second quarter of 2025 was 76.8% in our Safety and Community segments, compared with 74.3% during the second quarter of 2024, even after reflecting the activation and transfer of our 2,560-bed California City Immigration Processing Center from the Properties segment to the Safety segment effective April 1, 2025, when we entered into a Letter Contract with ICE to reactive operations at the facility. The California City facility was previously in our Properties segment because it was leased to the California Department of Corrections and Rehabilitation until the lease expired March 31, 2024. We expect to begin receiving detainees from ICE at the California City facility in the near term under terms of the Letter Contract.

During the second quarter of 2025, revenue from ICE, our largest government partner, was $176.9 million compared to $151.0 million during the second quarter of 2024, an increase of 17.2%, including the termination of our ICE contract at the Dilley facility effective August 9, 2024, partially offset by its reactivation effective April 1, 2025. The termination and reactivation accounted for a net reduction in revenue of $12.8 million. Revenue from state customers increased 5.2% compared with the prior year quarter, with increases across many of our government customers. New contracts with the state of Montana executed in August 2024 and January 2025 accounted for the largest increase in revenue from state customers. Further, revenue from the U.S. Marshals Service, our second largest government customer, increased 2.7% from the prior year quarter.

Earnings before interest, taxes, depreciation and amortization (EBITDA) for the second quarter of 2025 was $101.8 million, compared with $79.8 million in the second quarter of 2024. Adjusted EBITDA, which excludes special items, was $103.3 million in the second quarter of 2025, compared with $83.9 million in the second quarter of 2024.   The increases in EBITDA and Adjusted EBITDA from the prior year quarter were primarily attributable to higher residential populations in our portfolio, net of reductions for the contract termination at the Dilley facility and the expiration of the lease with the CDCR at the California City facility. The increases in EBITDA and Adjusted EBITDA also included $8.3 million of ERCs recognized during the second quarter of 2025, and $3.2 million of interest collected on the ERCs.

Funds From Operations (FFO) for the second quarter of 2025 was $63.5 million, or $0.58 per share, compared with $43.8 million, or $0.39 per share, in the second quarter of 2024. Normalized FFO, which excludes special items, was $64.6 million, or $0.59 per diluted share, in the second quarter of 2025, compared with $46.6 million, or $0.42 per share, in the second quarter of 2024. Normalized FFO was impacted by the same factors that affected Adjusted EBITDA, further improved by a reduction in gross interest expense that is not reflected in Adjusted EBITDA. The reduction in gross interest expense resulted from a decrease in our average outstanding debt balance combined with a decrease in the interest rates associated with our variable rate debt. Per share amounts were also favorably impacted by a 2.1% reduction in weighted average shares outstanding compared with the prior year quarter resulting from repurchases we made under our share repurchase program.

Adjusted Net Income, EBITDA, Adjusted EBITDA, FFO, and Normalized FFO, and, where appropriate, their corresponding per share amounts, are measures calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP). Please refer to the Supplemental Financial Information and the note following the financial statements herein for further discussion and reconciliations of these measures to net income, the most directly comparable GAAP measure.

Capital Strategy

Share Repurchases. Our Board of Directors (BOD) previously approved a share repurchase program authorizing the Company to repurchase up to $350.0 million of our common stock. On May 15, 2025, the BOD authorized an increase to the share repurchase program by which we may purchase up to an additional $150.0 million in shares of our outstanding common stock, increasing the total aggregate authorization to up to $500.0 million. During the six months ended June 30, 2025, we repurchased 3.9 million shares of common stock under the share repurchase program at an aggregate cost of $81.0 million, or $20.52 per share, excluding costs associated with the share repurchase program, including 2.0 million shares at an aggregate cost of $43.2 million during the second quarter of 2025. Since the share repurchase program was authorized in May 2022, through June 30, 2025, we have repurchased a total of 18.5 million shares of our common stock at an aggregate cost of $262.1 million, or $14.19 per share, excluding fees, commissions and other costs related to the repurchases.

As of June 30, 2025, we had $237.9 million of repurchase authorization available under the share repurchase program. Additional repurchases of common stock will be made in accordance with applicable securities laws and may be made at management’s discretion within parameters set by the BOD from time to time in the open market, through privately negotiated transactions, or otherwise. The share repurchase program has no time limit and does not obligate us to purchase any particular amount of our common stock. The authorization for the share repurchase program may be terminated, suspended, increased or decreased by our BOD in its discretion at any time.  

Acquisition of Farmville Detention Center. On July 1, 2025, we completed the acquisition of the Farmville Detention Center, a 736-bed facility constructed in 2010 and located in Farmville, Virginia. The transaction was consummated through the acquisition of 100% of the membership interests in entities that own and operate the facility, as well as the acquisition of certain assets utilized in the operation of the business. Farmville Detention Center provides transportation, care, and civil detention services to adult male noncitizens through an Intergovernmental Service Agreement (IGSA) between Prince Edward County, Virginia and ICE, which expires in March 2029. The total purchase price, amounting to $67.0 million, was funded with cash on hand and borrowing capacity under our revolving bank credit facility. We expect annual incremental revenue of approximately $40.0 million resulting from this acquisition.

Business Development Updates

Activation of the Dilley Immigration Processing Center. On March 5, 2025, we announced that we had agreed under an amendment to an IGSA to resume operations and care for up to 2,400 individuals at the 2,400-bed Dilley Immigration Processing Center in Dilley, Texas. We began receiving residents at this facility during the second quarter of 2025. By the end of the second quarter of 2025, three of the five neighborhoods at the facility were operational. We currently expect all five neighborhoods at the facility to be fully operational on schedule by the end of the third quarter of 2025, when we expect to generate the full fixed monthly payment for the facility.

Intake Process Expected to Begin at the California City Immigration Processing Center. Effective April 1, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 2,560-bed California City Immigration Processing Center. The Letter Contract authorizes initial funding up to $10.0 million with maximum funding up to $31.2 million for a six-month period to help cover our start-up expenses while we work to negotiate and execute a long-term contract. We expect to begin receiving detainees from ICE at the California City facility in the near term under terms of the Letter Contract.   

Midwest Regional Reception Center. Effective March 7, 2025, we entered into a Letter Contract with ICE to begin activation efforts at our 1,033-bed Midwest Regional Reception Center. The Letter Contract authorizes initial funding up to $5.0 million with maximum funding up to $22.6 million for a six-month period to help cover our start-up expenses while we work to negotiate and execute a long-term contract. The intake process has been delayed by a lawsuit filed by the City of Leavenworth alleging that a Special Use Permit (SUP) is required to operate the facility. A state court granted a temporary restraining order barring us from housing detainees at the facility without first obtaining an SUP. We have filed an appeal in the state court on the basis that the SUP is not applicable under existing statute. We believe ICE remains intent on using this facility.

2025 Financial Guidance

Based on current business conditions, we are providing the following updated financial guidance for the full year 2025:

 Revised Guidance
Full Year 2025
Prior Guidance
Full Year 2025
Net income$116.4 million to $124.4 million$91.3 million to $101.3 million
Adjusted Net Income$115.5 million to $123.5 million$91.3 million to $101.3 million
Diluted EPS$1.08 to $1.15$0.83 to $0.92
Adjusted Diluted EPS$1.07 to $1.14$0.83 to $0.92
FFO per diluted share$1.98 to $2.06$1.72 to $1.82
Normalized FFO per diluted share$1.99 to $2.07$1.72 to $1.82
EBITDA$366.3 million to $372.3 million$331.0 million to $339.0 million
Adjusted EBITDA$365.0 million to $371.0 million$331.0 million to $339.0 million

Compared with our prior 2025 annual guidance provided on May 7, 2025, our revised 2025 guidance reflects the favorable results for the second quarter, updated occupancy projections consistent with current trends, the acquisition of the Farmville Detention Center, as well as our assumptions for the reactivation of the California City Immigration Processing Center based on the expectation of receiving detainee populations during the third quarter of 2025.

Consistent with our past practice, our guidance does not include the impact of any new contract awards not previously announced. However, we may continue to execute new contracts during the balance of 2025, and may revise guidance throughout the year if and when new contracts are signed.   Although we can provide no assurance, based on significant funding levels for detention capacity that will be available under the One Big Beautiful Bill Act, modified immigration policies of the current administration, as well as newly enacted legislation pertaining to illegal immigrants requiring the utilization of detention for certain criminal violations, we expect new contracts to require the activation of more of our idle facilities.   The activation of an idle facility generally requires four to six months to hire, train, and prepare the facility to accept residential populations, which, depending on contract structure, could result in additional expenses before we are able to realize additional revenue. To the extent any new contract requires the activation of an idle facility before we begin to recognize revenue, our guidance could be negatively impacted by start-up expenses until the revenue we generate offsets these expenses. Due to activation timing, full year benefits from idle facility activations are likely to be more impactful to 2026 results.

During 2025, we expect to invest $29.0 million to $31.0 million in maintenance capital expenditures on real estate assets, $31.0 million to $34.0 million for maintenance capital expenditures on other assets and information technology, and $9.0 million to $10.0 million for other capital investments. Although our guidance does not include any new contract awards beyond those previously announced, we also expect to incur approximately $70.0 million to $75.0 million of capital expenditures associated with previously idled facilities we are activating and for additional potential facility activations, in order to prepare these facilities to quickly accept residential populations if opportunities arise, as well as to provide transportation services.     

Supplemental Financial Information and Investor Presentations

We have made available on our website supplemental financial information and other data for the second quarter of 2025. Interested parties may access this information at http://ir.corecivic.com/ under “Financial Information” of the Investors section.   We do not undertake any obligation and disclaim any duties to update any information disclosed in this report.  

Management may meet with investors from time to time during the third quarter of 2025. Written materials used in the investor presentations will also be available on our website beginning on or about August 29, 2025.   Interested parties may access this information through our website at http://ir.corecivic.com/ under “Events & Presentations” of the Investors section.

Conference Call, Webcast and Replay Information

We will host a webcast conference call at 10:00 a.m. central time (11:00 a.m. eastern time) on Thursday, August 7, 2025, which will be accessible through the Company’s website at www.corecivic.com under the “Events & Presentations” section of the “Investors” page.
To participate via telephone and join the call live, please register in advance here https://register-conf.media-server.com/register/BI826b7187965c436ca353a3af4a956fed. Upon registration, telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number and a unique passcode.

About CoreCivic

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 one of the largest operators of such facilities in the United States. We have been a flexible and dependable partner for government for more than 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.

Forward-Looking Statements

This press release contains statements as to our beliefs and expectations of the outcome of future events that are “forward-looking” statements as defined within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include, but are not limited to, the risks and uncertainties associated with: (i) changes in government policy, legislation and regulations that affect utilization of the private sector for corrections, detention, and residential reentry services, in general, or our business, in particular, including, but not limited to, the continued utilization of our correctional and detention facilities by the federal government as a consequence of presidential executive orders, and the impact of any changes to immigration reform and sentencing laws (we do not, under longstanding policy, lobby for or against policies or legislation that would determine the basis for, or duration of, an individual’s incarceration or detention); (ii) our ability to obtain and maintain correctional, detention, and residential reentry facility management contracts because of reasons including, but not limited to, sufficient governmental appropriations, contract compliance, negative publicity and effects of inmate disturbances; (iii) changes in the privatization of the corrections and detention industry, the acceptance of our services, the timing of the opening of new facilities and the commencement of new management contracts (including the extent and pace at which new contracts are utilized), as well as our ability to utilize available beds; (iv) our ability to activate idle facilities in a timely manner in order to meet the expected growth in demand for our facilities and services from the federal government that may occur as a result of changes in policies and actions of the current presidential administration, and to realize projected returns resulting therefrom; (v) general economic and market conditions, including, but not limited to, the impact governmental budgets can have on our contract renewals and renegotiations, per diem rates, and occupancy; (vi) fluctuations in our operating results because of, among other things, changes in occupancy levels; competition; contract renegotiations or terminations; inflation and other increases in costs of operations, including a rise in labor costs; fluctuations in interest rates and risks of operations; (vii) government budget uncertainty, the impact of the debt ceiling and the potential for government shutdowns and changing budget priorities; (viii) our ability to successfully identify and consummate future development and acquisition opportunities and realize projected returns resulting therefrom; and (ix) the availability of debt and equity financing on terms that are favorable to us, or at all. Other factors that could cause operating and financial results to differ are described in the filings we make from time to time with the Securities and Exchange Commission.

We take no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services, except as may be required by law.

View full release here.

Release – The GEO Group Reports Second Quarter 2025 Results and Announces $300 Million Share Repurchase Program

Research News and Market Data on GEO

August 6, 2025

View PDF

BOCA RATON, Fla.–(BUSINESS WIRE)–Aug. 6, 2025– The GEO Group, Inc. (NYSE: GEO) (“GEO”), a leading provider of contracted support services for secure facilities, processing centers, and reentry centers, as well as enhanced in-custody rehabilitation, post-release support, and electronic monitoring programs, reported its financial results for the second quarter 2025 and announced that its Board of Directors has authorized a $300 million share repurchase program.

Second Quarter 2025 Highlights

  • Total revenues of $636.2 million
  • Net Income of $29.1 million
  • Net Income Attributable to GEO of $0.21 per diluted share
  • Adjusted EBITDA of $118.6 million

For the second quarter 2025, we reported net income attributable to GEO of $29.1 million, or $0.21 per diluted share, compared to a net loss attributable to GEO of $32.5 million, or $0.25 per diluted share, for the second quarter 2024. Second quarter 2025 results reflect $0.6 million, pre-tax, in costs associated with the extinguishment of debt, compared to $82.3 million, pre-tax, in costs associated with the extinguishment of debt for the second quarter 2024. Excluding unusual and/or nonrecurring items, we reported adjusted net income for the second quarter 2025 of $30.7 million, or $0.22 per diluted share, compared to $30.1 million, or $0.23 per diluted share, for the second quarter 2024.

We reported total revenues for the second quarter 2025 of $636.2 million compared to $607.2 million for the second quarter 2024. We reported second quarter 2025 Adjusted EBITDA of $118.6 million, compared to $119.3 million for the second quarter 2024.

George C. Zoley, Executive Chairman of GEO, said, “We are very pleased with our strong second quarter results, and the significant progress we have made towards meeting our growth and strategic objectives. All our efforts are aimed at placing GEO in the best competitive position possible to pursue what we believe to be unprecedented growth opportunities. Given the intrinsic value of our owned real estate assets, as evidenced by the recent $312 million sale of our Lawon, Oklahoma Facility, and the unprecedented growth opportunities in front of us, we believe strongly that our current equity valuation offers an attractive opportunity for investors. To capitalize on this unique opportunity to enhance long-term shareholder value, our Board of Directors has authorized a $300 million share repurchase program. Our focus as a management team remains on enhancing value for our shareholders through the disciplined allocation of capital.”

First Six Months 2025 Highlights

  • Total revenues of $1.24 billion
  • Net Income of $48.6 million
  • Net Income Attributable to GEO of $0.35 per diluted share
  • Adjusted EBITDA of $218.4 million

For the first six months of 2025, we reported net income attributable to GEO of $48.7 million, or $0.35 per diluted share, compared to a net loss attributable to GEO of $9.8 million, or $0.08 per diluted share, for the first six months of 2024. Results for the first six months of 2025 reflect $0.6 million, pre-tax, in costs associated with the extinguishment of debt, compared to $82.4 million, pre-tax, in costs associated with the extinguishment of debt for the first six months of 2024. Excluding unusual and/or nonrecurring items, we reported adjusted net income for the first six months of 2025 of $50.3 million, or $0.36 per diluted share, compared to $53.8 million, or $0.43 per diluted share, for the first six months of 2024.

We reported total revenues for the first six months of 2025 of $1.24 billion compared to $1.21 billion for the first six months of 2024. We reported Adjusted EBITDA for the first six months of 2025 of $218.4 million, compared to $236.9 million for the first six months of 2024.

Share Repurchase Program

On August 4, 2025, our Board of Directors approved a share repurchase program authorizing GEO to repurchase up to $300 million of our Company’s common stock. Repurchases of GEO’s outstanding common stock will be made in accordance with applicable securities laws and may be made at our senior management’s discretion from time to time in the open market, by block purchase, through privately negotiated transactions, pursuant to a trading plan, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The authorization for the share repurchase program expires on June 30, 2028, and may be extended, increased, decreased, suspended or terminated by our Board of Directors in its discretion at any time. Repurchases of the Company’s common stock (and the timing thereof) will depend upon market conditions, regulatory requirements, the Company’s existing obligations, including its Credit Agreement, other corporate liquidity requirements and priorities and other factors as may be considered in the Company’s sole discretion. The authorization for the share repurchase program does not obligate GEO to purchase any particular amount of the Company’s common stock.

Recent Developments

On February 27, 2025, we announced a 15-year contract with U.S. Immigration and Customs Enforcement (“ICE”) to provide support services for the establishment of a federal immigration processing center at the company-owned, 1,000-bed Delaney Hall Facility (“Delaney Hall”) in Newark, New Jersey. At full occupancy, the support services contract for Delaney Hall would be expected to generate in excess of $60 million in annualized revenues for GEO, with margins consistent with GEO’s company-owned Secure Services facilities. Delaney Hall began intake of ICE detainees in the second quarter 2025 and remains in the process of ramping up.

On March 20, 2025, we announced a letter contract with ICE for the activation of a federal immigration processing center at the GEO-owned, 1,800-bed North Lake Facility (the “North Lake Facility”) in Baldwin, Michigan. GEO and ICE have finalized and executed a two-year support services contract for the North Lake Facility, effective July 18, 2025. Based on the scope of services and term of the contract, the North Lake Facility is expected to generate in excess of $85 million in annualized revenues at full occupancy, with margins consistent with GEO’s company-owned Secure Services facilities. The North Lake Facility has begun intake of ICE detainees, and we expect it to gradually ramp up during the third and fourth quarters of 2025.

On June 9, 2025, we announced the activation of our company-owned, 1,868-bed D. Ray James Facility (the “D. Ray James Facility”) in Georgia under a contract modification to the existing intergovernmental service agreement that is in place for our company-owned, 1,118-bed Folkston ICE Processing Center, thus creating a 2,986-bed facility complex. Under the modified agreement, the D. Ray James Facility is expected to generate approximately $66 million in incremental annualized revenues at full occupancy, with margins consistent with GEO’s company-owned Secure Services facilities. The D. Ray James Facility has begun intake of ICE detainees, and we expect it to gradually ramp up during the third and fourth quarters of 2025.

On June 10, 2025, we provided an update on a recent court settlement, which allowed for the immediate full intake at our company-owned, 1,940-bed Adelanto ICE Processing Center (the “Adelanto Center”) in California. Intake at the Adelanto Center had been prohibited by a court order issued more than four years ago based on then-prevailing COVID-19 conditions. With the lifting of these court restrictions, the Adelanto Center has been ramping up over the last two months. At full occupancy, the Adelanto Center would be expected to generate up to approximately $31 million in additional incremental annualized revenues, with margins consistent with GEO’s company-owned Secure Services facilities.

On June 30, 2025, we completed the previously announced depopulation of our company-owned, 1,200-bed Lea County Facility (the “Lea County Facility”) in Hobbs, New Mexico. The Lea County Facility was previously under contract with the New Mexico Corrections Department.

On July 17, 2025, ICE posted a Justification and Approval that notified the public of its intention to extend the Intensive Supervision Appearance Program (“ISAP”) contract for a period of 12 months to allow ICE to prepare for a new competitive procurement. On July 31, 2025, ICE and our wholly owned subsidiary, BI Incorporated, agreed to extend the ISAP contract through August 31, 2025, which we believe provides ICE additional time to extend the ISAP contract’s period of performance for six or twelve months, with possible further extensions.

On July 25, 2025, we completed the sale of our company-owned, 2,388-bed Lawton Correctional Facility (the “Lawton Facility”) in Lawton, Oklahoma to the State of Oklahoma for $312 million and simultaneously transitioned the Lawton Facility operations to the Oklahoma Department of Corrections.

On July 31, 2025, we used a portion of the net proceeds from the sale of the Lawton Facility to complete the previously announced purchase of the 770-bed Western Region Detention Facility in San Diego, California (the “San Diego Facility”) for approximately $60 million from SDCC Middle Block, LLC, an affiliate of Holland Partners Group. We previously leased the San Diego Facility for approximately $5.1 million annually. We have a long-standing contract with the U.S. Marshals Service for the exclusive use of the San Diego Facility, which generates approximately $57 million in annualized revenues.

Balance Sheet

At the end of the second quarter of 2025, our net debt totaled approximately $1.7 billion, and our net leverage was approximately 3.8 times Adjusted EBITDA. Subsequently, we completed an amendment to our Credit Agreement, increasing our Revolving Credit Facility (the “Revolver”) commitments from $310 million to $450 million; extending the Revolver’s maturity to July 14, 2030; and lowering the Revolver’s interest rate by 0.50% from the applicate rate prior to the amendment.

Prior to the execution of the Credit Agreement amendment, we had repaid $132 million of outstanding borrowings under our Term Loan B, and following the closing of the $312 million sale of the Lawton Facility, we used $222 million in net proceeds to pay off additional senior secured debt, including the remaining balance of our Term Loan B. As of today, our net debt totals approximately $1.47 billion and our net leverage is approximately 3.3 times Adjusted EBITDA.

Financial Guidance

Today, we updated our financial guidance for the full year 2025 and issued financial guidance for the third and fourth quarters of 2025. Consistent with our long-standing practice, our financial guidance does not include the impact of any new contract awards that have not been previously announced.

For the full year 2025, we expect Net Income Attributable to GEO to be in a range of $1.99 to $2.09 per diluted share, including a $228 million gain on the sale of the Lawton Facility, and Adjusted Net Income to be in a range $0.84 to $0.94 per diluted share, on revenues of approximately $2.56 billion and based on an effective tax rate of approximately 26 percent, inclusive of known discrete items. We expect full year 2025 Adjusted EBITDA to be between $465 million and $490 million.

We expect total Capital Expenditures for full year 2025 to be between $200 million and $210 million, which includes approximately $60 million for the purchase of the San Diego Facility.

For the third quarter 2025, we expect Adjusted Net Income to be in a range of $0.20 to $0.23 per diluted share, on quarterly revenues of $650 million to $660 million. We expect third quarter 2025 Adjusted EBITDA to be between $115 million and $125 million.

For the fourth quarter 2025, we expect Adjusted Net Income to be in a range of $0.28 to $0.35 per diluted share, on quarterly revenues of $658 million to $673 million. We expect fourth quarter 2025 Adjusted EBITDA to be between $132 million and $147 million.

Conference Call Information

We have scheduled a conference call and webcast for today at 11:00 AM (Eastern Time) to discuss our second quarter 2025 financial results as well as our outlook. The call-in number for the U.S. is 1-877-250-1553 and the international call-in number is 1-412-542-4145. In addition, a live audio webcast of the conference call may be accessed on the Webcasts section under the News, Events and Reports tab of GEO’s investor relations webpage at investors.geogroup.com. A replay of the webcast will be available on the website for one year. A telephonic replay of the conference call will be available through August 13, 2025, at 1-877-344-7529 (U.S.) and 1-412-317-0088 (International). The participant passcode for the telephonic replay is 2104307.

About The GEO Group

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 97 facilities totaling approximately 74,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 19,000 employees.

Reconciliation Tables and Supplemental Information

GEO has made available Supplemental Information which contains reconciliation tables of Net Income Attributable to GEO to Adjusted Net Income, and Net Income to EBITDA and Adjusted EBITDA, along with supplemental financial and operational information on GEO’s business and other important operating metrics. The reconciliation tables are also presented herein.

Please see the section below titled “Note to Reconciliation Tables and Supplemental Disclosure – Important Information on GEO’s Non-GAAP Financial Measures” for information on how GEO defines these supplemental Non-GAAP financial measures and reconciles them to the most directly comparable GAAP measures. GEO’s Reconciliation Tables can be found herein and in GEO’s Supplemental Information available on GEO’s investor webpage at investors.geogroup.com.

Note to Reconciliation Tables and Supplemental Disclosure – 
Important Information on GEO’s Non-GAAP Financial Measures

Adjusted Net Income, EBITDA, and Adjusted EBITDA are non-GAAP financial measures that are presented as supplemental disclosures. GEO has presented herein certain forward-looking statements about GEO’s future financial performance that include non-GAAP financial measures, including Net Debt, Net Leverage, and Adjusted EBITDA.

The determination of the amounts that are included or excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period.

While we have provided a high level reconciliation for the guidance ranges for full year 2025, we are unable to present a more detailed quantitative reconciliation of the forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures.

The quantitative reconciliation of the forward-looking non-GAAP financial measures will be provided for completed annual and quarterly periods, as applicable, calculated in a consistent manner with the quantitative reconciliation of non-GAAP financial measures previously reported for completed annual and quarterly periods.

Net Debt is defined as gross principal debt less cash from restricted subsidiaries. Net Leverage is defined as Net Debt divided by Adjusted EBITDA.

EBITDA is defined as net income adjusted by adding provisions for income tax, interest expense, net of interest income, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for loss on asset divestiture/impairment, pre-tax, net loss attributable to non-controlling interests, stock-based compensation expenses, pre-tax, litigation costs and settlements, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, other non-cash revenue and expenses, pre-tax, and certain other adjustments as defined from time to time.

Given the nature of our business as a real estate owner and operator, we believe that EBITDA and Adjusted EBITDA are helpful to investors as measures of our operational performance because they provide an indication of our ability to incur and service debt, to satisfy general operating expenses, to make capital expenditures, and to fund other cash needs or reinvest cash into our business.

We believe that by removing the impact of our asset base (primarily depreciation and amortization) and excluding certain non-cash charges, amounts spent on interest and taxes, and certain other charges that are highly variable from year to year, EBITDA and Adjusted EBITDA provide our investors with performance measures that reflect the impact to operations from trends in occupancy rates, per diem rates and operating costs, providing a perspective not immediately apparent from net income.

The adjustments we make to derive the non-GAAP measures of EBITDA and Adjusted EBITDA exclude items which may cause short-term fluctuations in income from continuing operations and which we do not consider to be the fundamental attributes or primary drivers of our business plan and they do not affect our overall long-term operating performance.

EBITDA and Adjusted EBITDA provide disclosure on the same basis as that used by our management and provide consistency in our financial reporting, facilitate internal and external comparisons of our historical operating performance and our business units and provide continuity to investors for comparability purposes.

Adjusted Net Income is defined as net income attributable to GEO adjusted for certain items which by their nature are not comparable from period to period or that tend to obscure GEO’s actual operating performance, including for the periods presented loss on asset divestiture/impairment, pre-tax, loss on the extinguishment of debt, pre-tax, litigation costs and settlements, pre-tax, start-up expenses, pre-tax, ATM equity program expenses, pre-tax, transaction fees, pre-tax, employee restructuring expenses, pre-tax, close-out expenses, pre-tax, discreet tax benefits, and tax effect of adjustments to net income attributable to GEO.

Safe-Harbor Statement

This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially and adversely affect actual results, including statements regarding GEO’s financial guidance for third quarter, fourth quarter, and the full year of 2025, the $300 million share repurchase program authorized by GEO’s Board of Directors, the anticipated timing and annualized revenues related to the reactivation of certain facilities, the intrinsic value of GEO’s assets, the Company’s efforts to position itself to pursue unprecedented growth opportunities, and its management team’s focus on enhancing long-term value for shareholders through the disciplined allocation of capital. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” or “continue” or the negative of such words and similar expressions. Risks and uncertainties that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO’s ability to meet its financial guidance for third quarter, fourth quarter, and full year 2025 given the various risks to which its business is exposed; (2) GEO’s ability to implement the $300 million share repurchase program authorized by GEO’s Board of Directors on the timeline it expects or at all; (3) GEO’s ability to deleverage and repay, refinance or otherwise address its debt maturities in an amount and on terms commercially acceptable to GEO, and on the timeline it expects or at all; (4) GEO’s ability to identify and successfully complete any potential sales of company-owned assets and businesses or potential acquisitions of assets or businesses on commercially advantageous terms on a timely basis, or at all; (5) changes in federal and state government policy, orders, directives, legislation and regulations that affect public-private partnerships with respect to secure, correctional and detention facilities, processing centers and reentry centers; (6) changes in federal immigration policy; (7) public and political opposition to the use of public-private partnerships with respect to secure correctional and detention facilities, processing centers and reentry centers; (8) any continuing impact of the COVID-19 global pandemic on GEO and GEO’s ability to mitigate the risks associated with COVID-19; (9) GEO’s ability to sustain or improve company-wide occupancy rates at its facilities; (10) fluctuations in GEO’s operating results, including as a result of contract activations, contract terminations, contract renegotiations, changes in occupancy levels and increases in GEO’s operating costs; (11) general economic and market conditions, including changes to governmental budgets and its impact on new contract terms, contract renewals, renegotiations, per diem rates, fixed payment provisions, and occupancy levels; (12) GEO’s ability to address inflationary pressures related to labor related expenses and other operating costs; (13) GEO’s ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO’s operations without substantial costs; (14) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (15) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (16) GEO’s ability to successfully pursue growth opportunities and continue to create shareholder value; (17) GEO’s ability to obtain financing or access the capital markets in the future on acceptable terms or at all; and (18) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports, many of which are difficult to predict and outside of GEO’s control.

View full release here.

Pablo E. Paez, (866) 301 4436 
Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

Great Lakes Dredge & Dock (GLDD) – Another Strong Quarter


Wednesday, August 06, 2025

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2Q25 Results. Revenue was $193.8 million, compared to $170 million a year ago. We had forecast revenue of $175.5 million. Gross margin improved to 18.9% from 17.5% in the year ago quarter. Great Lakes reported adjusted EBITDA of $28 million in the quarter and EPS of $0.14. In 2Q24, the Company had adjusted EBITDA of $25.8 million and EPS of $0.11.

Drivers. Great Lakes delivered another solid quarter, supported by strong project execution, continued strength in capital dredging, and favorable equipment utilization, even with the headwinds of four dredges undergoing their regulatory drydocking at various points during the quarter.


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. 

Release – Great Lakes Reports Second Quarter 2025 Results

Research News and Market Data on GLDD

Aug 5, 2025

PDF Version

Second quarter net income of $9.7 million
Second quarter Adjusted EBITDA of $28.0 million
Dredging backlog of $1 billion at June 30, 2025

HOUSTON, Aug. 05, 2025 (GLOBE NEWSWIRE) — Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company”) (Nasdaq: GLDD), the largest provider of dredging services in the United States, today reported financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Revenue was $193.8 million
  • Total operating income was $17.1 million
  • Net income was $9.7 million
  • Adjusted EBITDA was $28.0 million
  • Backlog as of June 30, 2025, was $1.0 billion

Management Commentary

Lasse Petterson, President and Chief Executive Officer, commented, “Great Lakes delivered a solid second quarter, driven by strong project execution and high equipment utilization. We ended the quarter with revenue of $193.8 million, net income of $9.7 million, and adjusted EBITDA of $28.0 million, despite four dredges undergoing their regulatory drydocking. Our substantial dredging backlog stood at approximately $1.0 billion as of the end of the second quarter, with an additional $215.4 million in low bids and options pending award, providing expected revenue visibility for the remainder of 2025 and well into 2026. Capital and coastal protection projects account for 93% of our dredging backlog, which typically yield higher margins.

Dredging activity for private clients in the Liquefied Natural Gas (LNG) sector remains strong. In the second quarter, we received notice to proceed for dredging operations on the Woodside Louisiana LNG project. This project has been added to our Q2 2025 backlog, along with two additional options currently included in our Q2 2025 options pending award. Dredging for this project is scheduled to begin in early 2026.

Our current backlog also includes two additional major LNG projects awarded in 2023: the Port Arthur LNG Phase 1 Project and the Brownsville Ship Channel Project, part of NextDecade Corporation’s Rio Grande LNG initiative, the latter marking the largest project in our Company’s history. Dredging operations for both projects began in Q3 2024 and are actively ongoing.

In the first quarter of 2025, we initiated a $50 million share repurchase program, as we believed our share price did not appropriately reflect the Company’s financial performance and long-term outlook. As of June 30, 2025, we have repurchased 1.3 million shares under the program for a total spend of $11.6 million.

In addition, on May 2, 2025, we executed an amendment to our Revolving Credit Facility, increasing the size from $300 million to $330 million, further enhancing our liquidity. All other terms remained the same.

Our newbuild program is coming towards completion with our newest hopper dredge, the Amelia Island, expected to be delivered within the next few weeks and plans to immediately go to work when she leaves the shipyard. The Amelia Island and her sister ship, the Galveston Island, which was delivered in early 2024, will primarily work on projects aimed at the redevelopment and enhancement of our shorelines, which are consistently impacted by severe weather.

The Acadia, the first U.S.-flagged, Jones Act-compliant subsea rock installation vessel, hit a key milestone with her launch from drydock in July with expected completion in the first quarter of 2026. Upon delivery, the Acadia is expected to immediately commence operations, first on Equinor’s Empire Wind I project and then onto Orsted’s Sunrise Wind project, which will provide full utilization for the vessel for 2026. The Acadia is designed to serve projects in both domestic and international markets focused on safeguarding critical subsea infrastructure, including subsea cables for power transmission, telecommunications cables, oil and gas pipelines and offshore wind developments.

The Company had an exceptional first half of 2025, which we expect to continue for the remainder of this year and into 2026 driven by a modernized fleet, superior project execution, and a robust backlog.” 

Operational Update

Second Quarter 2025

  • Revenue was $193.8 million, an increase of $23.7 million from the second quarter of 2024. The higher revenue in the second quarter of 2025 was due primarily to higher capital project revenue as compared to the same period in the second quarter last year, partially offset by lower coastal protection and maintenance project revenue.
  • Gross profit was $36.6 million, an improvement of $6.8 million compared to the gross profit from the second quarter of 2024 and gross margin percentage increased to 18.9% in the second quarter of 2025 from 17.5% in the second quarter of 2024 primarily due to improved utilization and project performance and a larger number of capital and coastal protection projects which typically yield higher margins, partially offset by higher drydocking cost.
  • Operating income was $17.1 million, which increased from $14.6 million in the prior year second quarter primarily driven by higher gross profit partially offset by an increase in general and administrative expenses primarily from higher incentive compensation due to the increased results in the first half of 2025.
  • Net income for the quarter was $9.7 million, which is a $2.0 million increase compared to net income of $7.7 million in the prior year second quarter. The increase is mostly driven by improved operating results partially offset by an increase in income tax provision.

Balance Sheet, Dredging Backlog & Capital Expenditures

  • At June 30, 2025, the Company had $2.9 million in cash and cash equivalents and total long-term debt of $419.6 million including $5.0 million drawn on our $330 million revolver. As of June 30, 2025, our liquidity was $272 million.
  • At June 30, 2025, the Company had $1.0 billion in dredging backlog as compared to $1.2 billion at December 31, 2024. Dredging backlog as of June 30, 2025 does not include approximately $215.4 million of awards and options pending.
  • Total capital expenditures for the second quarter of 2025 were $64.6 million including $28.7 million for the construction of the Acadia, $19.8 million for the Amelia Island, $8.8 million for support equipment, and $7.3 million for maintenance and growth.

Market Update

The Administration continues to demonstrate strong and consistent support for the dredging industry. The U.S. Army Corps of Engineers (the “Corps”) is operating in fiscal year 2025 under a continuing resolution, enacted on March 15, 2025, which sustains the funding levels established in the prior fiscal year’s record-setting budget through September 30, 2025. Our $1 billion project backlog and the inclusion of resources from the 2023 Disaster Relief Supplemental Appropriations should enable us to continue to deliver on a very busy 2025.

The Water Resources Development Act (WRDA), reauthorized every two years, funds the Corps’ projects related to flood protection, dredging, and ecosystem restoration. On January 4, 2025, WRDA 2024 was signed into law, authorizing new capital investments to enhance flood protection, coastal resilience, and ecosystem restoration. Previously, WRDA 2022 authorized deepening shipping channels in New York and New Jersey to 55 feet and advanced the Coastal Texas Protection and Restoration Program. In addition to the planned New York and New Jersey deepening, additional large-scale projects are expected to commence in the next two to three years in Tampa Bay, New Haven, Baltimore, among others.

Following the resolution of the temporary pause from the Bureau of Ocean Management, Equinor’s Empire Wind I project, which is part of our Offshore Energy backlog, has resumed in accordance with its schedule. We have secured full utilization of the Acadia for 2026 and are currently bidding work for 2027 and beyond.

In anticipation of potential delays in U.S. offshore wind projects, we proactively expanded the Acadia’s strategic target markets to include oil and gas pipeline protection, power and telecommunications cable protection, and international offshore wind. This diversification increases our opportunities into a broader range of services we now refer to as Offshore Energy. Our strategy is supported by a global shortage of rock placement vessels, and we are actively pursuing opportunities across these sectors to ensure strong and sustained utilization of the Acadia well into the future.

Conference Call Information

The Company will conduct a quarterly conference call, which will be held on Tuesday, August 5, 2025, at 9:00 a.m. C.D.T (10:00 a.m. E.D.T.). Investors and analysts are encouraged to pre-register for the conference call by using the link below. Participants who pre-register will be given a unique PIN to gain immediate access to the call. Pre-registration may be completed at any time up to the call start time.

To pre-register, go to https://register-conf.media-server.com/register/BI5eaab857a8e3428387524df1ea5a519c

The live call and replay can also be heard at https://edge.media-server.com/mmc/p/e9ususwz or on the Company’s website, www.gldd.com, under Events on the Investor Relations page. A copy of the press release will be available on the Company’s website.

Use of Non-GAAP Measures

Adjusted EBITDA, as provided herein, represents net income from continuing operations, adjusted for net interest expense, income taxes, depreciation and amortization expense, debt extinguishment, accelerated maintenance expense for new international deployments, goodwill or asset impairments and gains on bargain purchase acquisitions. Adjusted EBITDA is not a measure derived in accordance with GAAP. The Company presents Adjusted EBITDA as an additional measure by which to evaluate the Company’s operating trends. The Company believes that Adjusted EBITDA is a measure frequently used to evaluate the performance of companies with substantial leverage and that the Company’s primary stakeholders (i.e., its stockholders, bondholders and banks) use Adjusted EBITDA to evaluate the Company’s period to period performance. Additionally, management believes that Adjusted EBITDA provides a transparent measure of the Company’s recurring operating performance and allows management to readily view operating trends, perform analytical comparisons and identify strategies to improve operating performance. For this reason, the Company uses a measure based upon Adjusted EBITDA to assess performance for purposes of determining compensation under the Company’s incentive plan. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, amounts determined in accordance with GAAP including: (a) net income as an indicator of operating performance or (b) cash flows from operations as a measure of liquidity. As such, the Company’s use of Adjusted EBITDA, instead of a GAAP measure, has limitations as an analytical tool, including the inability to determine profitability or liquidity due to the exclusion of accelerated maintenance expense for new international deployments, goodwill or asset impairments, gains on bargain purchase acquisitions, net interest expense and income tax expense and the associated significant cash requirements and the exclusion of depreciation and amortization, which represent significant and unavoidable operating costs given the level of indebtedness and capital expenditures needed to maintain the Company’s business. For these reasons, the Company uses net income to measure the Company’s operating performance and uses Adjusted EBITDA only as a supplement. Adjusted EBITDA is reconciled to net income in the table of financial results. For further explanation, please refer to the Company’s SEC filings.

The Company

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 135-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements, as defined in Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (the “SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Great Lakes and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “would,” “could,” “should,” “seeks,” “are optimistic,” “commitment to” or “scheduled to,” or other similar words, or the negative of these terms or other variations are being made pursuant to the Exchange Act and the PSLRA with the intention of obtaining of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements have the benefit of the “safe harbor” provisions of such laws. Great Lakes cautions investors that any forward-looking statements made by Great Lakes are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Great Lakes include, but are not limited to: a reduction in government funding for dredging and other contracts, or government cancellation of such contracts, or the inability of the Corps to let bids to market; our ability to qualify as an eligible bidder under government contract criteria and to compete successfully against other qualified bidders in order to obtain government dredging and other contracts; the political environment and governmental fiscal and monetary policies; cost over-runs, operating cost inflation and potential claims for liquidated damages, particularly with respect to our fixed price contracts; the timing of our performance on contracts and new contracts being awarded to us; significant liabilities that could be imposed were we to fail to comply with government contracting regulations; project delays related to the increasingly negative impacts of climate change or other unusual, non-historical weather patterns; costs necessary to operate and maintain our existing vessels and the construction of new vessels, including with respect to changes in applicable regulations or standards; equipment or mechanical failures; pandemic, epidemic or outbreak of an infectious disease; disruptions to our supply chain for procurement of new vessel build materials or maintenance on our existing vessels; capital and operational costs due to environmental regulations; market and regulatory responses to climate change, including proposed regulations concerning emissions reporting and future emissions reduction goals; contract penalties for any projects that are completed late; force majeure events, including natural disasters, war and terrorists’ actions; changes in the amount of our estimated backlog; significant negative changes attributable to large, single customer contracts; our ability to obtain financing for the construction of new vessels, including our new offshore energy vessel; our ability to secure contracts to utilize our new offshore energy vessel; unforeseen delays and cost overruns related to the construction of our new vessels; any failure to comply with the Jones Act provisions on coastwise trade, or if those provisions were modified, repealed or interpreted differently; our ability to comply with anti-discrimination laws, including those pertaining to diversity, equity and inclusion programs; fluctuations in fuel prices, particularly given our dependence on petroleum-based products; impacts of nationwide inflation on procurement of new build and vessel maintenance materials; our ability to obtain bonding or letters of credit and risks associated with draws by the surety on outstanding bonds or calls by the beneficiary on outstanding letters of credit; acquisition integration and consolidation, including transaction expenses, unexpected liabilities and operational challenges and risks; divestitures and discontinued operations, including retained liabilities from businesses that we sell or discontinue; potential penalties and reputational damage as a result of legal and regulatory proceedings; any liabilities imposed on us for the obligations of joint ventures, and similar arrangements and subcontractors; increased costs of certain material used in our operations due to newly imposed tariffs; unionized labor force work stoppages; any liabilities for job-related claims under federal law, which does not provide for the liability limitations typically present under state law; operational hazards, including any liabilities or losses relating to personal or property damage resulting from our operations; our substantial amount of indebtedness, which makes us more vulnerable to adverse economic and competitive conditions; restrictions on the operation of our business imposed by financing terms and covenants; impacts of adverse capital and credit market conditions on our ability to meet liquidity needs and access capital; limitations on our hedging strategy imposed by statutory and regulatory requirements for derivative transactions; foreign exchange risks, in particular, related to the new offshore energy vessel build; losses attributable to our investments in privately financed projects; restrictions on foreign ownership of our common stock; restrictions imposed by Delaware law and our charter on takeover transactions that stockholders may consider to be favorable; restrictions on our ability to declare dividends imposed by our financing agreements or Delaware law; significant fluctuations in the market price of our common stock, which may make it difficult for holders to resell our common stock when they want or at prices that they find attractive; changes in previously recorded net revenue and profit as a result of the significant estimates made in connection with our methods of accounting for recognized revenue; maintaining an adequate level of insurance coverage; our ability to find, attract and retain key personnel and skilled labor; disruptions, failures, data corruptions, cyber-based attacks or security breaches of the information technology systems on which we rely to conduct our business; impairments of our goodwill or other intangible assets; and failure of our share repurchase program to be fully implemented or enhance long-term shareholder value. For additional information on these and other risks and uncertainties, please see Item 1A. “Risk Factors” of Great Lakes’ Annual Report on our most recent Form 10-K, Item 1A. “Risk Factors” of Great Lakes’ Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and in other securities filings by Great Lakes with the SEC.

Although Great Lakes believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Great Lakes’ future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Great Lakes does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.

View full release here.

For further information contact:
Eric Birge
Vice President of Investor Relations
313-220-3053

Release – FreightCar America, Inc. Reports Second Quarter 2025 Results

Research News and Market Data on RAIL

08/04/2025

Delivered Gross Margin of 15%, Expansion of 250 Basis Points
Operating Cash Flow of $8.5 Million and Adjusted Free Cash Flow of $7.9 Million
Strong Order Intake Driven by Operational Flexibility, Reaffirmed Full Year Guidance

CHICAGO, Aug. 04, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Revenues of $118.6 million, compared to $147.4 million in the second quarter of 2024, with railcar deliveries of 939 units compared to 1,159 units in the prior year period
  • Gross margin of 15.0% with gross profit of $17.8 million, compared to gross margin of 12.5% with gross profit of $18.4 million in the second quarter of 2024
  • Net income of $11.7 million, or $0.34 per share, and Adjusted net income of $3.8 million, or $0.11 per share, reflecting a $51.9 million benefit from a valuation allowance release, partially offset by a $47.6 million non-cash adjustment from the change in warrant liability due to share price appreciation
  • Adjusted EBITDA was $10.0 million, representing a margin of 8.4%, compared to $12.1 million and a margin of 8.2% in the second quarter of 2024
  • Received new orders for 1,226 railcars within the quarter valued at $106.9 million
  • Ended the quarter with a backlog of 3,624 units valued at $316.9 million, up approximately 300 units from prior quarter, reflecting strong order activity and healthy demand

“In the second fiscal quarter, we delivered on our commercial excellence initiatives across the business, supported by strong order intake and healthy customer demand,” said Nick Randall, President and Chief Executive Officer of FreightCar America. “We increased utilization across our four production lines, delivered improved productivity, and benefited from a richer product mix from disciplined pricing. Our ability to remain agile and responsive to customer needs continues to be a key differentiator, particularly in rebuilds and conversions, enabling us to capture meaningful opportunities in a dynamic market.”

Randall continued, “While broader market uncertainty earlier in the year delayed some order activity, we believe the underlying fundamentals point to a meaningful replacement cycle ahead. As that takes shape, our agile manufacturing presence positions us well to capture incremental demand and grow our share. At the same time, we continue to advance our growth strategy by investing in our tank car capabilities, which we expect will strengthen our cost position and support long-term value creation.”

Fiscal Year 2025 Outlook

The Company has reaffirmed outlook for fiscal year 2025 as follows:

 Fiscal 2025 OutlookYear-over-Year Growth at Midpoint
Railcar Deliveries4,500 – 4,900 Railcars7.7%
Revenue$530 – $595 million0.6%
Adjusted EBITDA1$43 – $49 million7.0%

1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying adjustments necessary to calculate such non-GAAP measure without unreasonable effort. Material changes to such adjustments, including warrant liability and non-core operating items, could affect future GAAP results.

Mike Riordan, Chief Financial Officer of FreightCar America, added, “We’re pleased to reaffirm our full-year guidance, supported by strong margin performance and continued commercial execution across the business, with order activity supporting our healthy backlog. In addition, this quarter marked our fifth consecutive quarter of positive operating cash flow, reflecting the consistency and sustainability of our cash generation engine. Our focus on working capital discipline and operational efficiency has positioned us well to maintain momentum and invest in growth opportunities as we deliver strong performance in the second half of the year.”

Second Quarter 2025 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Tuesday, August 5, at 11:00 a.m. (Eastern Time) to discuss its second quarter 2025 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call. Teleconference details are as follows:

An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, August 5, 2025, until 11:59 p.m. (Eastern Time) on Tuesday, August 19, 2025. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13754875. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.

About FreightCar America

FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.

Forward-Looking Statements

This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss), Adjusted EPS, Free cash flow and Adjusted free cash flow. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.

Investor Contact: RAILIR@Riveron.com

View full release here.

Primary Logo

Source: FreightCar America, Inc.

View all news