CoreCivic Q3 Profit Down

(RTTNews) - CoreCivic, Inc. (CXW) Monday reported third-quarter net income of $13.9 million or $0.12 per share, compared with net income of $68.3 million or $0.58 per share last year.

Adjusted net income in the third quarter was $15.6 million or $0.14 per share, compared with adjusted net income of $9.7 million or $0.08 per share.

Funds From Operations was $38.5 million or $0.34 per share in the third quarter, compared to $33.3 million or $0.28 per share last year.

Normalized FFO, which excludes special items, was $40.5 million or $0.35 per share in the third quarter of 2023, compared with $33.9 million or $0.29 per share last year.

Looking forward, the company now expects earnings per share of $0.51 to $0.57, adjusted earnings per share of $0.54 to $0.60, FFO per share of $1.37 to $1.43 and normalized FFO per share of $1.40 to $1.46.

Previously, the company expected earnings per share of $0.51 to $0.58, adjusted earnings per share of $0.52 to $0.59, FFO per share of $1.36 to $1.44 and normalized FFO per share of $1.37 to $1.45.