CoreCivic reports Q1 FFO 45c, consensus 35c

Reports Q1 revenue $488.6M, consensus $478.65M. The company said, “2025 is off to a strong start for CoreCivic (CXW). First quarter occupancy in CoreCivic facilities reached 77.0% of available capacity, an increase from 75.2% in the first quarter of last year. Based on cost management and increased bed utilization, particularly from U.S. Immigration and Customs Enforcement, we exceeded our internal expectations for the first quarter. Additionally, we have begun to re-activate three previously idle facilities under multiple agreements with ICE. Based on the first quarter’s results and activation activity, we are increasing our annual financial guidance. CoreCivic anticipates additional contracting activity as 2025 progresses.”