GEO Group Updates Q4, FY22 Outlook - Update

(RTTNews) - While reporting higher third-quarter results on Thursday, GEO Group Inc. (GEO), a diversified government service provider, updated financial guidance for the fourth quarter and the full year 2022.

For the fourth quarter, the company now expects net income attributable to GEO in a range of $30 million to $32 million, compared to previously expected $27 million to $32 million.

Adjusted EBITDA is now expected in a range of $133 million to $140 million, higher than earlier expected $127 million and $135 million.

Quarterly revenues are still expected between $600 million and $605 million.

On average, three analysts polled by Thomson Reuters expect revenues of $603.96 million. Analysts' estimates typically exclude special items.

Further, for fiscal 2022, the company now expects net income attributable to GEO in a range between $160 million and $162 millionon annual revenues of approximately $2.36 billion.

The previous outlook was net income between $158 million and $166 million on annual revenues of approximately $2.35 billion.

Adjusted net income is expected in a range of $1.30 to $1.32 per share, compared to previously expected $1.28 to $1.34 per share.

The company increased adjusted EBITDA guidance to a range of $527 million to $533.5 million from previously expected $515 million to $530 million.

Analysts estimate earnings of $1.27 per share on revenues of $2.35 billion for the year.