CoreCivic Reports Strong Financial Performance

By Bobby Samwell • Tuesday, February 11 15:18 • Permanent Link

CoreCivic, Inc. (NYSE: CXW) has reported its fourth quarter and full year 2024 financial results, highlighting a strong financial performance driven by higher occupancy and cost management. The company's total revenue for the fourth quarter of 2024 was $479.3 million, with net income of $19.3 million and diluted earnings per share of $0.17. For the full year 2024, CoreCivic reported total revenue of $2.0 billion, with net income of $68.9 million and diluted earnings per share of $0.62.

The company's normalized Funds From Operations (FFO) per diluted share for the fourth quarter of 2024 was $0.39, and adjusted EBITDA stood at $74.2 million. For the full year 2024, normalized FFO per diluted share was $1.70, and adjusted EBITDA was $330.8 million.

CoreCivic's President and Chief Operating Officer, Patrick Swindle, noted that the company's financial results for the fourth quarter of 2024 exceeded both internal forecast and analyst estimates, driven by cost management initiatives and increased occupancy, reaching 75.5% of available capacity, the highest level since the start of the COVID-19 pandemic.

Comparing the financial results of the fourth quarter of 2024 with the same period in 2023, net income decreased from $26.5 million to $19.3 million, and diluted earnings per share decreased from $0.23 to $0.17. Adjusted net income for the fourth quarter of 2024 was $18.2 million, or $0.16 per diluted share, compared with adjusted net income of $26.4 million, or $0.23 per diluted share in the fourth quarter of 2023.

CoreCivic reported that revenue from ICE, its largest government partner, decreased by 21.6% compared with the fourth quarter of 2023, primarily due to the termination of the ICE contract at the South Texas Family Residential Center. Excluding the South Texas facility, revenue from ICE increased by 5.2% compared with the fourth quarter of the prior year. Revenue from state customers also increased by 6.4% compared with the year-ago quarter.

Looking ahead, CoreCivic provided financial guidance for the full year 2025, with net income expected to range from $53.5 million to $67.5 million and diluted earnings per share expected to range from $0.48 to $0.61. The guidance reflects a reduction in facility net operating income of $60.5 million compared with 2024, primarily due to the termination of the ICE contract at the South Texas Family Residential Center and the lease expiration with the CDCR at the California City Correctional Center.

In addition to financial results, the company announced a new management contract with the State of Montana, further expanding its geographic range of facilities serving the state. CoreCivic also detailed its capital strategy, including share repurchases and planned capital expenditures.

For more detailed information on CoreCivic's financial results and future outlook, interested parties may access supplemental financial information and investor presentations on the company's website.

The company will host a webcast conference call on Tuesday, February 11, 2025, to discuss the financial results and outlook for the future. Today the company's shares have moved -2.6% to a price of $18.36. Check out the company's full 8-K submission here.

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