CCA: 2Q Earnings Snapshot
NASHVILLE, Tenn. (AP) _ Corrections Corp. of America (CXW) on Wednesday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Nashville, Tennessee, said it had funds from operations of $67.5 million, or 57 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $39.2 million, or 33 cents per share.
The prison operator, based in Nashville, Tennessee, posted revenue of $449.9 million in the period.
For the current quarter ending in October, CCA expects its per-share funds from operations to range from 57 cents to 59 cents.
The company expects full-year funds from operations in the range of $2.29 to $2.33 per share.
The company’s shares have risen 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $25.59, a decrease of nearly 3 percent in the last 12 months.