Corrections Corp. Reports Strong Q4, Beats Expectations
BRENTWOOD, Tenn. - February 27, 2023 - Corrections Corp. of America (CXW) announced its fourth-quarter results today, exceeding Wall Street expectations.
CXW reported funds from operations (FFO) of $43.3 million or $0.39 per share, surpassing analysts' consensus estimate of $0.33 per share. FFO, an industry-standard profitability metric, factors in net income and non-cash expenses.
The company also posted net income of $19.3 million or $0.17 per share. Revenue reached $479.3 million, outpacing analysts' forecasts of $461.6 million.
For the full year, CXW reported FFO of $190.1 million and revenue of $1.96 billion. The company estimates full-year FFO in the range of $1.37 to $1.50 per share.