Geo Group: 3Q Earnings Snapshot
BOCA RATON, Fla. (AP) _ Geo Group Inc. (GEO) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The Boca Raton, Florida-based real estate investment trust said it had funds from operations of $77.9 million, or 65 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 52 cents per share.
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 $39.3 million, or 33 cents per share.
The private prison operator, based in Boca Raton, Florida, posted revenue of $583.5 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $588.2 million.
For the current quarter ending in December, Geo Group expects its per-share funds from operations to range from 65 cents to 67 cents.
The company said it expects revenue in the range of $587 million to $592 million for the fiscal fourth quarter.
Geo Group expects full-year funds from operations in the range of $2.47 to $2.49 per share.
The company’s shares have declined nearly 4 percent since the beginning of the year. The stock has decreased 13 percent in the last 12 months.