Tuesday, August 08, 2023
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q23 Results. Total revenue of $463.7 million, better than our $463.1 million estimate, and up from $456.7 million last year. Adjusted EBITDA of $72.1 million compared to $78.8 million last year and our $73.2 million projection. Net income of $14.8 million, or EPS of $0.13, compared to $10.6 million, or EPS of $0.09, last year. We had forecast net income of $14.4 million, or $0.13 per share.
ICE, ICE Baby. The expiration of COVID related regulations in May has resulted in a 45% increase in ICE populations at CoreCivic facilities through July 31st. We would anticipate ICE populations to increase further as the border situations remains volatile, although politics make predictions challenging.
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.