CCA: Q2 Earnings Snapshot
BRENTWOOD, Tenn. (AP) _ Corrections Corp. of America (CXW) on Tuesday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Brentwood, Tennessee-based real estate investment trust said it had funds from operations of $40.7 million, or 34 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $10.6 million, or 9 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $456.7 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $460.1 million.
CCA expects full-year funds from operations to be $1.19 to $1.26 per share.