earnings
confidence high
sentiment negative
materiality 0.80
CoreCivic Q2 net income $10.6M ($0.09 EPS); guidance cut on Title 42 delay, La Palma transition
CoreCivic, Inc.
2022-Q2 EPS reported
$0.24
revenue$909,685,000
- Q2 2022 revenue $456.7M; adjusted diluted EPS $0.13 vs $0.25 YoY; adjusted EBITDA $78.8M down from $101.7M.
- Board increased share repurchase authorization by $75M to $225M; 4.2M shares bought for $50.6M at ~$12.13/share.
- Agreed to sell 1,978-bed McRae facility for $130M (expected Q3 close); also sold two California facilities and a land parcel.
- Full-year 2022 guidance: net income raised to $106.6-118.2M but adjusted net income lowered to $52-60M; cites Title 42 delay and La Palma transition extension.
- New $350M bank credit facility in May; repaid $124.1M Term Loan B; purchased $3.6M of 4.625% senior notes.