CoreCivic Delivered Q1 Results Above Expectations, Occupancy Levels Highest Since 2020, Wedbush Says

MT Newswires05-10

CoreCivic (CXW) delivered solid Q1 results that came in above market expectations, while the prison and detention center operator is also seeing increasing occupancy levels, Wedbush said in a note to ...

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This was partially offset by higher than expected interet and G&A expenses,\" said Wedbush analysts including Jay McCanless.Meanwhile, occupancy levels are on the rise, the analysts said.\"Occupancy in the safety and community segments rose to 75.2%, up from the 74.0% in the prior quarter, representing the highest occupancy level for the company since 1Q20,\" the note said.Also, the company noted that it's \"seeing significant normalization in labor markets, which has reduced spending on temporary incentives and travel expenses, allowing for relatively higher NOI margins,\" the analysts said.Wedbush reiterated CoreCivic's ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4165":"安全和报警服务","CXW":"美国惩教公司"},"translate_title":"Wedbush表示，CoreCivic的Q1业绩超出预期，入住率达到2020年以来的最高水平","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CXW":0.9},"content_text":"CoreCivic (CXW) delivered solid Q1 results that came in above market expectations, while the prison and detention center operator is also seeing increasing occupancy levels, Wedbush said in a note to clients on Friday.\n\n \"Relative to our estimate, revenues were higher than expected, and operating expenses were lower than expected, leading to a strong beat on net operating income. This was partially offset by higher than expected interet and G&A expenses,\" said Wedbush analysts including Jay McCanless.\n\n Meanwhile, occupancy levels are on the rise, the analysts said.\n\n \"Occupancy in the safety and community segments rose to 75.2%, up from the 74.0% in the prior quarter, representing the highest occupancy level for the company since 1Q20,\" the note said.\n\n Also, the company noted that it's \"seeing significant normalization in labor markets, which has reduced spending on temporary incentives and travel expenses, allowing for relatively higher NOI margins,\" the analysts said.\n\n In addition, while \"guidance was left mostly unchanged for the remainder of the year despite the beat in the quarter, we continue to believe that there is a degree of conservatism built into the outlook, given our expectations for a seasonal step up in ICE detention occupancy in the back half of the year,\" the note said.\n\n Wedbush reiterated CoreCivic's outperform rating and $19 price target.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2434863305"}