GEO Group Issues Q3, Q4 Forecast; Updates FY17 View - Quick Facts

(RTTNews) - GEO Group, Inc. (GEO), an integrated equity real estate investment trust, Monday said it expects third-quarter net income attributable to the company in a range of $0.31 to $0.33 per share and adjusted funds from operations or AFFO in a range of $0.61 to $0.63 per share.

GEO expects total revenues to be in a range of $554 million to $559 million, including approximately $10 million in construction revenue associated with GEO's contract for the development and operation of the Ravenhall, Australia project.

On average, analysts polled by Thomson Reuters expect earnings of $0.34 per share on revenues of $579.03 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter 2017, GEO expects attributable net income to be in a range of $0.34 to $0.36 per share and AFFO to be in a range of $0.63 to $0.65 per share. GEO expects total revenues to be in a range of $557 million to $562 million.

Further, for fiscal 2017, the company updated its guidance for attributable net income to a range of $1.24 to $1.28 per share, adjusted net income to a range of $1.34 to $1.38 per share, and AFFO to a range of $2.50 to $2.54 per share.

The company previously expected attributable net income in a range of $1.27 to $1.34 per share, adjusted net income in a range of $1.34 to $1.41 per share, normalized FFO in a range of $1.93 to $2.00 per share and AFFO in a range of $2.47 to $2.53 per share.

GEO now expects full-year 2017 total revenue to be approximately $2.24 billion, compared to previous estimate of approximately $2.28 billion.

Analysts expect earnings of $1.32 per share on revenues of $2.29 billion for the year.