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CCA: 2Q Earnings Snapshot

August 5, 2019

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXW at https://www.zacks.com/ap/CXW

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