Shares of CoreCivic Inc. (NYSE: CXW), a leading private prison operator, surged by 5.07% on November 8th, 2024, as the company reported strong third-quarter results and investors anticipated increased demand for its services under the re-elected Trump administration's hardline immigration policies.
In its Q3 2024 earnings report, CoreCivic posted a 2% year-over-year increase in revenue to $491.6 million, driven by higher occupancy rates and improved operational efficiencies. The company's adjusted earnings per share of $0.20 exceeded analysts' expectations by $0.11, while normalized funds from operations (FFO) rose by 23% compared to the prior year quarter.
The robust financial performance, coupled with expectations of a favorable political climate for private detention facilities, fueled investor enthusiasm for CoreCivic's stock. President Trump, who secured a second term, has vowed to implement stricter immigration policies, including mass deportation of undocumented immigrants and increased funding for Immigration and Customs Enforcement (ICE) detention centers.
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