Welcome to our dedicated page for CoreCivic news (Ticker: CXW), a resource for investors and traders seeking the latest updates and insights on CoreCivic stock.
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) announced that the Oklahoma Department of Corrections intends to terminate the lease for the 2,400-bed North Fork Correctional Facility (NFCF) upon its expiration on June 30, 2023. This decision stems from staffing challenges and increased competition from other private facilities, which have hindered NFCF's utilization since the COVID-19 pandemic started. The facility generated $12.2 million in rental revenue for CoreCivic in 2022. The company is also in negotiations regarding the lease for the 1,670-bed Davis Correctional Facility, which is similarly set to expire on June 30, 2023. CoreCivic may renew this lease only if it provides a satisfactory return.
CoreCivic, Inc. (NYSE: CXW) announced its upcoming release of first quarter 2023 financial results, scheduled for May 3, 2023, after market close. The company will host a conference call on May 4, 2023, at 10:00 a.m. CT, where stakeholders can listen to the results and participate in discussions. Interested participants must register in advance to receive dial-in details. CoreCivic is a leading provider of government solutions, emphasizing its role in corrections, detention, and real estate systems.
With over 40 years of experience, CoreCivic continues to support government partners in addressing public needs effectively and professionally. More information can be found on their official website.
CoreCivic (CXW) reported its 2022 financial results, highlighting total revenues of $1.85 billion. CoreCivic Safety led revenues at $1.68 billion, while Net Income was $122.3 million, including special items. The diluted EPS stood at $1.03, with adjusted EPS at $0.57. The company made significant strides in debt reduction, lowering its outstanding debt by over $287 million. For 2023, CoreCivic expects net income between $58 million to $75 million and diluted EPS of $0.50 to $0.65, citing labor market challenges and continued occupancy restrictions as concerns.
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