Brentwood-based CoreCivic has reported fourth quarter and annual results, with quarterly earnings having topped the consensus estimate.
According to a release, the Q4 earnings per share of $0.48 bested the $0.45 consensus but decreased from the Q4 2020 $0.63 per share figure.
The report follows a third quarter during which the private prison and detention center management company's profits topped the mark of the same period in 2020.
The release notes fourth quarter adjusted EBITDA of $103.2 million decreased from $108.7 million in Q4 2020, a dip driven by the sale of 47 non-core real estate assets that occurred following the end of Q3 2021.
For the year, CoreCivic saw total revenue of approximately $1.86 billion. For 2020, the mark was about $1.91 billion.
“Our fourth quarter financial performance capped off another year of resilient cash flow generation amid the ongoing global pandemic,” Damon Hininger, CoreCivic president and CEO, said in the release. “During 2021, we made great strides in enhancing our capital structure by revoking our REIT election, selling non-core assets which enabled us to accelerate our debt reduction strategy, accessed the debt capital markets, extended our debt maturities, and positioned our balance sheet to allow us to pursue attractive growth opportunities and return capital to shareholders.”
Shares of CoreCivic (Ticker: CXW) were changing hands at $9.74, down 3.13 percent, in Wednesday mid-morning trading.