Tuesday, November 07, 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.
3Q Results. Revenue totaled $483.7 million, up 4.2% year-over-year and up 4.3% sequentially, driven by higher populations and increased per diems. Net income was $13.9 million, or $0.12/sh versus $68.3 million, or $0.58 per share last year. Adjusted EPS was $0.14 for 3Q23 versus $0.08 for 3Q22. Adjusted EBITDA was $75.2 million, up from $68.4 million last year.
ICE Populations. Since the ending of Title 42 on May 11th, overall ICE populations are up 66% through the end of September. CoreCivic ICE populations are up by 4,729, or 84% over the same time frame. We believe this has been driven by management’s foresight in adding staff in anticipation of higher population levels. Reportedly, ICE populations have continued to rise.
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