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CoreCivic, Inc. (CXW) - A Solid Quarter, After Brushing Away the Noise

Thursday, May 06, 2021

CoreCivic, Inc. (CXW)
A Solid Quarter, After Brushing Away the Noise

CoreCivic is a diversified government solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through corrections and detention management, a growing network of residential reentry centers to help address America’s recidivism crisis, and government real estate solutions. We are a publicly traded real estate investment trust and the nation’s largest owner of partnership correctional, detention and residential reentry facilities. We also believe we are the largest private owner of real estate used by U.S. government agencies. The Company has been a flexible and dependable partner for government for more than 35 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    1Q21 Results. CoreCivic posted revenue of $454.7 million in the first quarter of 2021, compared to $491.1 million in the same period last year. EBITDA was $41.6 million versus $99.5 million, with 1Q21 adjusted EBITDA of $96.3 million versus $100.4 million. CoreCivic reported a GAAP loss of $125.5 million or $1.05 per share. Adjusted EPS was $0.24 compared to $0.30 last year or $0.23 on a proforma basis to reflect the adoption of a C-corp structure. We had projected revenue of $470 million and EPS of $0.24.

    The Noise.  There was significant noise in the quarter that obscured a relatively solid quarter, in our view. For example, special items included a non-cash income tax expense of $114.2 million associated with the change in corporate tax structure and a $51.7 million charge to settle shareholder litigation. The Company also incurred some $1.6 million in COVID related expenses that were not in the ...

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

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