CoreCivic, Inc (CXW) shares plunged 5.69% in the after-hours trading session on Monday, following the company's disappointing fourth-quarter earnings report and weak outlook for 2025.
The private prison operator reported fourth-quarter normalized funds from operations (FFO) of $0.39 per diluted share, beating analysts' estimates of $0.34. However, revenue of $479.3 million declined from the prior year's $491.3 million and missed expectations of $465.2 million.
Furthermore, CoreCivic issued a disappointing outlook for 2025, projecting full-year FFO per share between $1.37 and $1.50, well below analysts' expectations of $1.77. The company cited the termination of its contract with U.S. Immigration and Customs Enforcement (ICE) at the South Texas Family Residential Center and the expiration of its lease with the California Department of Corrections and Rehabilitation as significant headwinds for 2025.
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