CoreCivic ( (CXW) ) has released its Q4 earnings. Here is a breakdown of the information CoreCivic presented to its investors.
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CoreCivic is a diversified government-solutions company specializing in corrections and detention management, providing services to federal, state, and local government partners across the United States.
CoreCivic reported strong financial performance for the fourth quarter and full year 2024, driven by higher occupancy rates and effective cost management. Despite facing contract terminations, the company managed to achieve revenue of $479.3 million in the fourth quarter and $2 billion for the full year.
In the fourth quarter, CoreCivic’s net income reached $19.3 million, with an adjusted EBITDA of $74.2 million. The company faced a decrease in revenue from its largest partner, ICE, due to contract termination but experienced growth in state customer contracts, particularly with recent agreements with Montana and Wyoming. The company also resumed its share repurchase program, reflecting confidence in its financial outlook.
Looking ahead, CoreCivic anticipates increased demand from government partners due to changes in immigration policies and legislative actions. The company plans to strategically position itself to meet this demand with capital investments and facility preparations, while maintaining a strong balance sheet to support future growth initiatives.
