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CoreCivic, Inc. (NYSE: CXW) is a diversified, government-solutions company dedicated to addressing complex governmental challenges through cost-effective measures. As the nation's largest owner of partnership correctional, detention, and residential reentry facilities, CoreCivic operates in three key segments: Safety, Community, and Properties. The CoreCivic Safety segment, which drives the majority of the company's revenue, focuses on the management of correctional and detention facilities owned or controlled via long-term leases. Additionally, the Community segment oversees residential reentry centers aimed at reducing recidivism, while the Properties segment leases real estate to government agencies and third parties.
CoreCivic has been a reliable partner for government entities for over 40 years, providing high-quality corrections and detention management, innovative government real estate solutions, and a growing network of residential reentry centers. The company's commitment to public service is demonstrated through its employees, who maintain high standards of professionalism and a strong sense of duty to improve public welfare.
In recent developments, CoreCivic has secured several new management contracts, including agreements with Harris County, Texas, and the state of Montana. These contracts expand their capacity and enhance their service offerings, reflecting the company's adaptability and dependability. Financially, CoreCivic has made significant strides in debt reduction, repurchasing shares under an authorized program, and refinancing existing debt to improve liquidity and financial stability.
For those interested in CoreCivic's financial performance, the company offers detailed quarterly and annual reports, reflecting its earnings, capital expenditures, and strategic initiatives. With a focus on reducing recidivism and providing cost-saving real estate solutions, CoreCivic continues to play a vital role in supporting government operations across the United States.
For more information, visit www.corecivic.com.
CoreCivic (NYSE: CXW) has secured contract modifications with U.S. Immigration and Customs Enforcement (ICE) to expand detention capacity across four facilities. The expansion includes: up to 784 detainees at Northeast Ohio Correctional Center, Nevada Southern Detention Center, and Cimarron Correctional Facility in Oklahoma, plus 252 beds at Tallahatchie County Correctional Facility in Mississippi.
The facilities currently serve multiple government contracts: Northeast Ohio houses 650 U.S. Marshals Service (USMS) residents and 925 Ohio Department of Rehabilitation and Correction residents; Nevada Southern accommodates 800 USMS residents; Cimarron holds 1,100 USMS residents; and Tallahatchie serves approximately 1,400 residents under contracts with eight different customers.
CoreCivic (NYSE: CXW) reported strong Q4 2024 financial results with total revenue of $479.3 million and net income of $19.3 million. Full-year 2024 performance included total revenue of $2.0 billion and net income of $68.9 million. The company achieved its highest occupancy level since Q1 2020 at 75.5%.
Notable developments include a new contract with Montana for additional inmates and facility investments of $40-45 million for potential activations. The company's ICE revenue decreased 21.6% in Q4 2024 compared to Q4 2023, primarily due to the South Texas facility contract termination. However, state customer revenue increased 6.4%.
For 2025, CoreCivic projects net income between $53.5-67.5 million and EBITDA of $281.0-293.0 million. The company continued its share repurchase program, buying back 4.4 million shares in 2024 for $68.5 million, with $168.9 million remaining under the authorization.
CoreCivic (NYSE: CXW) has secured a new management contract with Montana to house 240 additional inmates at its Tallahatchie County Correctional Facility in Mississippi during Q1 2025. The company will also receive 120 more Montana inmates at its Saguaro Correctional Facility in Arizona under an existing contract.
The new contract runs through December 31, 2026, with potential extensions up to seven years total. This expansion brings the total addition of Montana inmates in CoreCivic's out-of-state facilities to approximately 600 over roughly 18 months. CoreCivic also manages the 664-bed Crossroads Correctional Center in Montana.
The additional inmates will bring the Saguaro facility close to design capacity and improve bed utilization at Tallahatchie, where CoreCivic now manages contracts for eight customers, including recent additions from Wyoming, Harris County (Texas), and Hinds County (Mississippi).
CoreCivic (NYSE: CXW) has announced its schedule for the release of its 2024 fourth quarter financial results, which will be made public after market close on Monday, February 10, 2025. The company will host a conference call to discuss these results on Tuesday, February 11, 2025, at 10:00 a.m. central time (11:00 a.m. eastern time).
Interested participants can join the live telephone broadcast by pre-registering through the provided link, after which they will receive confirmation details including a dial-in number and unique passcode. Additionally, an audio-only webcast will be available on CoreCivic's website under the 'Events & Presentations' section, with a replay accessible for seven days following the call.
CoreCivic (NYSE: CXW) has announced the promotion of Patrick Swindle to President and Chief Operating Officer, effective January 1, 2025. Swindle, who currently serves as Executive Vice President and COO, will take on the expanded role while Damon T. Hininger will continue as CEO and Board member. Swindle joined CoreCivic in 2007 and has held various leadership positions including Managing Director of Treasury, VP of Strategic Development, and EVP & Chief Corrections Officer. Prior to CoreCivic, he spent ten years in equity research at various financial firms. The company views this appointment as strategic during what they anticipate to be a period of rapid growth.
CoreCivic (NYSE: CXW) reported strong Q3 2024 financial results with total revenue of $491.6 million, up 2% year-over-year. Net income increased 52% to $21.1 million, with diluted EPS of $0.19. The company saw improved operating margins due to cost management and increased compensated occupancy to 75.2% from 72.0% year-over-year. Notable developments include the expiration of the California Department of Corrections lease and the termination of the ICE contract at South Texas Family Residential Center. Based on strong performance, CoreCivic raised its full-year 2024 guidance, projecting net income between $55.5-61.5 million and Adjusted EBITDA of $317.0-321.0 million.
CoreCivic, Inc. (NYSE: CXW) has announced the dates for its 2024 third quarter earnings release and conference call. The company will release its financial results after market close on Wednesday, November 6, 2024. A live broadcast of the conference call is scheduled for Thursday, November 7, 2024, at 8:30 a.m. central time (9:30 a.m. eastern time).
To participate in the call, interested parties must register in advance through the provided link. Upon registration, participants will receive confirmation details, including a unique passcode. An audio-only webcast of the conference call will be accessible from CoreCivic's website under the "Events & Presentations" section of the "Investors" page. A replay of the webcast will be available for seven days following the call.
CoreCivic reported strong Q2 2024 financial results, with total revenue of $490.1 million, a 6% increase from Q2 2023. Net income rose to $19.0 million, or $0.17 per diluted share. Adjusted EBITDA increased 16% to $83.9 million, while Normalized FFO per diluted share grew 27% to $0.42. The company saw higher occupancy rates and improved cost management. CoreCivic repurchased 1.3 million shares for $20.1 million and maintained a leverage ratio of 2.5x. The company also refinanced its debt, eliminating maturities until 2027. However, ICE will discontinue using the South Texas Family Residential Center from August 9, 2024. CoreCivic provided updated 2024 financial guidance, projecting net income between $42.0-$50.4 million and Adjusted EBITDA of $302.4-$308.4 million.
CoreCivic (NYSE: CXW) will release its 2024 second quarter financial results after market close on August 7, 2024.
A live conference call will follow at 10:00 a.m. central time (11:00 a.m. eastern time) on August 8, 2024.
Participants can register in advance to join the call via telephone and will receive a confirmation email with details on how to access the call.
The audio-only webcast will be available on CoreCivic's website, with a replay accessible for seven days.
CoreCivic (NYSE: CXW) has received a termination notice from U.S. Immigration and Customs Enforcement (ICE) for the South Texas Family Residential Center, effective August 9, 2024. The facility generated $156.6 million in 2023 and $39.3 million in Q1 2024. CoreCivic estimates an annualized earnings per share reduction of $0.38 to $0.41 due to the closure.
The facility, initially opened in the Obama-Biden administration, shifted its focus to detain single adults in 2021. Currently housing 1,561 individuals, CoreCivic leases the facility and land from a third-party lessor, with lease terms extending through September 2026. The company has suspended its financial guidance for 2024 due to cost uncertainties related to the closure.
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