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CCA: 3Q Earnings Snapshot

November 6, 2019

BRENTWOOD, Tenn. (AP) _ Corrections Corp. of America (CXW) on Wednesday reported a key measure of profitability in its third quarter.

The real estate investment trust, based in Brentwood, Tennessee, said it had funds from operations of $83.1 million, or 70 cents per share, in the period.

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 $49 million, or 41 cents per share.

The prison operator, based in Brentwood, Tennessee, posted revenue of $508.5 million in the period.

For the current quarter ending in December, CCA expects its per-share funds from operations to range from 60 cents to 64 cents.

The company expects full-year funds from operations in the range of $2.64 to $2.68 per share.

The company’s shares have fallen 12% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.61, a fall of 28% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXW at https://www.zacks.com/ap/CXW