Corrections of America Earnings: Here’s Why Investors are Not Happy Now
Corrections Corporation of America (NYSE:CXW) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.31%.
Corrections Corporation of America Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 36.84% to $0.52 in the quarter versus EPS of $0.38 in the year-earlier quarter.
Revenue: Decreased 2.01% to $433.98 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corrections Corporation of America reported adjusted EPS income of $0.52 per share. By that measure, the company beat the mean analyst estimate of $0.50. It beat the average revenue estimate of $431.55 million.
Quoting Management: CCA President and Chief Executive Officer, Damon Hininger, stated, “We are pleased with our second quarter financial results, our new three-year contract with the California Department of Corrections and Rehabilitation, and the increase in beds utilized by Oklahoma under our existing contract.”
Key Stats (on next page)…