Geo Group beats by $0.11, misses on revs; guides Q3 FFO above consensus, revs below consensus; guides Q4 (Dec) FFO above consensus, revs below consensus (28.06)
- Reports Q2 (Jun) funds from operations of $0.61 per share, excluding non-recurring items, $0.11 better than the Capital IQ Consensus of $0.50; revenues rose 4.0% year/year to $570.1 mln vs the $584.69 mln Capital IQ Consensus.
- Co issues mixed guidance for Q3, sees FFO of $0.61-0.63, excluding non-recurring items, vs. $0.53 Capital IQ Consensus Estimate; sees Q3 revs of $554-559 mln vs. $579.04 mln Capital IQ Consensus Estimate.
- Co issues mixed guidance for Q4 (Dec), sees FFO of $0.63-0.65, excluding non-recurring items, vs. $0.52 Capital IQ Consensus Estimate; sees Q4 (Dec) revs of $557-562 mln vs. $572.88 mln Capital IQ Consensus Estimate.
- During the third quarter 2017, GEO expects utilization rates at its ICE facilities to improve sequentially from the second quarter 2017 but to be slightly below previously projected levels. Compared to second quarter 2017 results, third quarter 2017 guidance also reflects the impact of the recent budget impasse and government shutdown in the State of New Jersey, which resulted in a temporary decrease in utilization rates at GEO's New Jersey reentry facilities that were acquired from CEC.