The government-solutions provider outperformed Wall Street expectations, reporting adjusted earnings of 49 cents per share against the 43 cents projected by analysts. Revenue climbed to $744.1 million, significantly exceeding the anticipated $690.5 million. Chief Executive Lucibeth Mayberry attributed the robust performance to heightened demand from U.S. Immigration and Customs Enforcement and the integration of Clinical Solutions Pharmacy.
In section Market Quotes
CoreCivic Boosts Buyback Program Following $1.77 Billion Asset Sale
A massive $1.77 billion gain from the federal government’s acquisition of four detention facilities has propelled CoreCivic’s third-quarter profit to $1.34 billion. Riding this surge, the company expanded its stock-buyback program by $500 million, bringing the total authorized allocation to $1.7 billion for its shareholders.
Following these results, the company raised its full-year adjusted earnings guidance to a range of $1.74 to $1.80 per share, surpassing the consensus forecast of $1.71. Despite the positive outlook and the expansion of the share repurchase initiative, CoreCivic stock remained largely unchanged in after-hours trading.
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