CCA: Q3 Earnings Snapshot
BRENTWOOD, Tenn. (AP) — BRENTWOOD, Tenn. (AP) — Corrections Corp. of America (CXW) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
BRENTWOOD, Tenn. (AP) — BRENTWOOD, Tenn. (AP) — Corrections Corp. of America (CXW) on Monday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
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The Brentwood, Tennessee-based real estate investment trust said it had funds from operations of $40.5 million, or 35 cents per share, in the period.
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The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $13.9 million, or 12 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $483.7 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $474.8 million.
CCA expects full-year funds from operations in the range of $1.40 to $1.46 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXW at https://www.zacks.com/ap/CXW