CoreCivic reports Q3 adjusted EPS 24c, consensus 26c

Reports Q3 revenue $580.4M, consensus $544.38M. CEO Damon Hininger commented, “Ongoing demand for the solutions we provide, particularly from U.S. Immigration and Customs Enforcement, contributed to a solid third quarter. Despite the prolonged federal government shutdown, as law enforcement is an essential government service, our detention populations and our revenues have been unaffected by the shutdown. We expect detainee populations to continue to grow as ICE implements its interior enforcement plan, contributing to a strong 2025. The recently announced contract awards at four facilities negatively impact our financial guidance for the fourth quarter for start-up expenses related to these contracts, but these new contracts are expected to drive our 2026 results even stronger, when we expect these facilities to achieve stabilized occupancy. Following these activations, we have five remaining idle facilities containing over 7,000 beds. We will continue to deploy capital in ways that we believe create shareholder value, especially in the current environment where our stock price is trading below historical multiples. During the third quarter, we repurchased 1.9M shares of our common stock at an aggregate cost of $40M, and expect to increase the pace of our share repurchases in future quarters.”