Welcome to our dedicated page for The GEO Group news (Ticker: $GEO), a resource for investors and traders seeking the latest updates and insights on The GEO Group stock.
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The GEO Group, Inc. reported total revenues of $605.7 million, net income of $22.7 million, and Adjusted EBITDA of $117.6 million for the first quarter of 2024. Despite a decrease in net income and total revenues compared to the first quarter of 2023, the company's diversified business units showed strong operational and financial performance. GEO successfully refinanced its debt, reducing its average cost of debt and enhancing flexibility. The company updated its financial guidance for 2024, projecting a net income range of $55 million to $75 million on annual revenues of approximately $2.4 billion. Recent developments include a five-year contract awarded to GEO Transport, Inc. to provide air operations support services for U.S. Immigration and Customs Enforcement, generating approximately $25 million in annualized revenues. Debt refinancing activities resulted in net proceeds of approximately $1.67 billion, providing GEO with opportunities to strengthen its financial position.