CoreCivic Issues FY22 Outlook

(RTTNews) - While reporting its results for the fourth quarter, CoreCivic Inc (CXW) issued an outlook for the full year 2022.

Looking forward to full year 2022, the company expects earnings of $0.72 to $0.86 per share and FFO per share of $1.55 to $1.70.

The company said its guidance reflects a "continuation of occupancy restrictions placed on our bed capacity by many of our government partners as a result of the ongoing COVID-19 pandemic, which could result in enhanced earnings when relieved."

The guidance also reflects the aforementioned transition of resident populations at La Palma Correctional Center, and higher operating expenses due to above average wage inflation we expect to experience in 2022 as a result of the challenging labor market.