CoreCivic Reports Third Quarter 2024 Financial Results

Financial Performance - CoreCivic reported total revenue of $491.6 million for Q3 2024, marking a 2% increase year-over-year [1] - Net income reached $21.1 million, a significant increase of 52% compared to the same quarter in 2023 [1][2] - Adjusted net income for Q3 2024 was $22.4 million, up 44% from $15.6 million in Q3 2023 [2][3] - Diluted earnings per share (EPS) were $0.19, while adjusted diluted EPS was $0.20, reflecting increases from the previous year [1][2] Operational Highlights - Compensated occupancy improved to 75.2% in Q3 2024 from 72.0% in the prior year, contributing to enhanced operating margins [1][4] - The company achieved a normalized funds from operations (FFO) per diluted share of $0.43, representing a 23% increase year-over-year [1][7] - Adjusted EBITDA for Q3 2024 was $83.3 million, an 11% increase from $75.2 million in Q3 2023 [1][6] Revenue Sources - Revenue from ICE, CoreCivic's largest government partner, decreased by 3.4% year-over-year, primarily due to the termination of the ICE contract at the South Texas Family Residential Facility [5] - Excluding the South Texas facility, revenue from ICE increased by 10.9% compared to Q3 2023 [5] Capital Strategy - The company has a share repurchase program authorized for up to $350 million, with $177.9 million remaining as of September 30, 2024 [8][9] - CoreCivic repurchased 4.0 million shares for $59.5 million in 2024, totaling 14.1 million shares repurchased since the program's inception [8][9] Financial Guidance - CoreCivic raised its full-year financial guidance for 2024, projecting net income between $55.5 million and $61.5 million, up from the previous guidance of $42.0 million to $50.4 million [10] - Adjusted net income guidance was also increased to a range of $78.0 million to $84.0 million [10][11]