GEO Group Q4 Profit Tops Estimates; Issues Guidance

(RTTNews) - The GEO Group, Inc. (GEO) reported fourth quarter adjusted net income of $42.1 million, or $0.34 per share, compared to $45.5 million, or $0.38 per share, last year. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.26, for the quarter. Analysts' estimates typically exclude special items.

The company noted that its fourth quarter 2022 results reflected higher interest expense as a result of the completed transactions to address the substantial majority of outstanding debt, which closed on August 19, 2022. Fourth quarter adjusted EBITDA was $145.5 million, compared to $124.1 million for the fourth quarter 2021.

Net income attributable to GEO was $41.8 million, compared to a net loss attributable to GEO of $49.8 million, last year.

Total revenues was $620.7 million compared to $557.5 million, prior year. Analysts on average had estimated $604.4 million in revenue.

The company expects full year 2023 net income to GEO to be between $100 million and $127 million on annual revenues of between $2.37 billion and $2.47 billion. It expects full year 2023 adjusted EBITDA to be between $500 million and $540 million.

For the first quarter, the company expects net income to GEO to be between $26 million and $28 million on quarterly revenues of $605 million to $610 million, and expects adjusted EBITDA to be in a range of $127 million and $132 million.

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