CCA: 2Q Earnings Snapshot
NASHVILLE, Tenn. (AP) _ Corrections Corp. of America (CXW) on Monday 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 $82.6 million, or 69 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 $48.6 million, or 41 cents per share.
The prison operator, based in Nashville, Tennessee, posted revenue of $490.3 million in the period.
For the current quarter ending in October, CCA expects its per-share funds from operations to range from 60 cents to 62 cents.
The company expects full-year funds from operations in the range of $2.58 to $2.62 per share.
The company’s shares have decreased almost 6% since the beginning of the year. In the final minutes of trading on Monday, shares hit $16.80, a decrease of 34% in the last 12 months.