GEO Group Issues Q1, FY20 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, GEO Group, Inc. (GEO) issued its initial financial guidance for the first quarter and full-year 2020.

For the first quarter 2020, GEO expects total revenues in a range of $610 million to $615 million, attributable net income in a range of $0.16 to $0.18 per share, adjusted net income of $0.21 to $0.23 per share, and AFFO in a range of $0.52 to $0.54 per diluted share.

For fiscal 2020, GEO Group forecast total revenue to be about $2.48 billion, attributable net income of $1.27 to $1.37 per share, adjusted net income of $1.37 to $1.47 per share and AFFO in a range of $2.57 to $2.67 per share.

GEO Group noted that its full-year outlook assumes no contribution from the company's 700-bed Central Valley, 750-bed Desert View, and 700-bed Golden State facilities in California, which will be transitioning during 2020 from California state corrections contracts to the previously announced new 15-year contracts.

Further, GEO Group said it has increased its annual expenditure commitment to expand the delivery of its GEO Continuum of Care programs from approximately $10 million to approximately $14 million in 2020.