GEO Group Q3 Revenues Top Estimates; Backs FY23 Revenue Outlook

(RTTNews) - The GEO Group, Inc. (GEO) reported Tuesday that net income attributable to the company for the third quarter declined to $24.52 million or $0.16 per share from $38.34 million or $0.26 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $0.19 per share, compared to $0.33 per share in the year-ago quarter.

Total revenues for the quarter decreased to $602.8 million from $616.7 million in the same quarter last year.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share on revenues of $595.29 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, the company updated its outlook to reflect its updated expectations regarding the U.S. Department of Homeland Security's Intensive Supervision and Appearance Program.

Looking ahead to the fourth quarter, the company expects net income in a range of $19 million to $24 million on revenues between $590 million and $600 million. Previously, the company projected net income in the range of $19 million to $27 million on revenues between $595 million and $610 million. Analysts expect earnings of $0.21 per share on revenues of $606.76 million for the quarter.

For fiscal 2023, the company now projects earnings in a range of $0.80 to $0.85 per share on revenues of approximately $2.4 billion. Previously, the company expected earnings in the range of $0.78 to $0.89 per share on revenues of approximately $2.4 billion.

The Street is looking for earnings of $0.86 per share on revenues of $2.40 billion for the year.