CoreCivic (CXW) Reports Q1 FFO of $0.54

CoreCivic (NYSE: CXW) reported Q1 FFO of $0.54, versus $0.64 reported last year. Revenue for the quarter came in at $491.1 million versus the consensus estimate of $490.29 million.

Financial Guidance

On April 1, 2020, we withdrew our financial guidance because of uncertainties associated with COVID-19, and do not expect to provide financial guidance until we have further clarity around the uncertainties which continue to exist. Our business is very durable, and continues to generate cash flow even during these unprecedented disruptions to the economy and criminal justice system. This resiliency is due to the essential nature of our facilities and services in our Safety and Community segments, further enhanced by the diversification and stability of our Properties segment, all supported by payments from highly rated federal, state, and local government agencies.

Management revenue in our Safety segment, which we expect to be impacted the most by COVID-19, declined 3% in April 2020 from management revenue generated in March 2020, excluding the impact of one fewer day in April compared with March.

For earnings history and earnings-related data on CoreCivic (CXW) click here.

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