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 (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.
CoreCivic, Inc. (NYSE: CXW) will release its 2022 fourth quarter financial results on February 8, 2023, after market close. A live conference call is scheduled for February 9, 2023, at 10:00 a.m. CT (11:00 a.m. ET).
Investors can join the call via telephone by registering in advance. The audio webcast will also be accessible on the Company’s website under the “Events & Presentations” section. A replay will be available for seven days following the event.
CoreCivic (CXW) announced the full redemption of its $350 million 4.625% Senior Notes due 2023, effective February 1, 2023. As of December 21, 2022, $153.9 million of these notes remained outstanding. The redemption aligns with the company's debt reduction strategy, leaving no debt maturing until April 2026. Funded through a mix of cash and revolving credit, this move emphasizes CoreCivic's commitment to financial responsibility.
CoreCivic (NYSE: CXW) announced it received notice from the California Department of Corrections and Rehabilitation (CDCR) to terminate the lease for the California City Correctional Center (CCCC) by March 31, 2024, due to a declining inmate population. The lease is funded through June 30, 2023, and future funding will be decided in early 2023. CoreCivic plans to engage with California regarding continued utilization of CCCC, citing its modern infrastructure. Rental revenue from CCCC was $33.3 million in 2021 and $25.7 million for nine months ending September 2022.
CoreCivic reported its Q3 2022 financial results, highlighting a total revenue of $464.2 million and net income of $68.3 million or $0.58 per diluted share. The company has repurchased 6.6 million shares at a cost of $74.5 million and plans to buy back an additional $150.5 million. Despite challenges, including the transition at the La Palma Correctional Center, they maintain high renewal rates of 95% on contracts. Full year guidance indicates net income between $110.1 million and $114.1 million.
CoreCivic, Inc. (CXW) is set to release its 2022 third quarter financial results on November 2, 2022, after market close. The company will host a live conference call on November 3, 2022, at 10:00 AM CT. Investors can participate by registering in advance to receive dial-in information. The audio of the call will also be available via a webcast on the company's website. CoreCivic emphasizes its status as the largest private owner of correctional facilities and government real estate in the U.S., focusing on providing effective government solutions.
CoreCivic (CXW) reported its Q2 2022 financial results, showing total revenue of $456.7 million, net income of $10.6 million, and diluted EPS of $0.09. The company announced a significant asset sale of its 1,978-bed McRae Correctional Facility for $130 million, expected to generate a gain of $75 million to $80 million by Q3 2022. Additionally, CoreCivic increased its share buyback program to $225 million. However, earnings were impacted by a transition of populations at the La Palma Correctional Center and contract non-renewals, leading to a decline in adjusted diluted EPS from $0.25 in Q2 2021 to $0.13 in Q2 2022.
CoreCivic, Inc. (NYSE: CXW) will release its 2022 second quarter financial results on August 2, 2022, after market close. A live conference call will take place on August 3, 2022, at 10:00 a.m. CT, accessible through the company's website and via telephone. This call is part of CoreCivic's ongoing communication strategy with investors and stakeholders, allowing them to review the company's financial performance and strategic initiatives. CoreCivic emphasizes its role as a key partner to government agencies in providing correctional and detention management solutions.
CoreCivic, Inc. (CXW) reported Q1 2022 earnings showcasing total revenue of $453.0 million, consisting of $414.2 million from CoreCivic Safety, $24.1 million from Community, and $14.6 million from Properties. The company netted $19.0 million with a diluted EPS of $0.16, a rebound from a net loss of $125.6 million YoY. Adjusted EBITDA fell to $80.8 million, down from $96.3 million in Q1 2021 due to contract non-renewals and property sales affecting operations. 2022 guidance was adjusted for higher labor costs and uncertainties from Title 42.
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