Friday, November 05, 2021
The GEO Group, Inc. (GEO)
Another Solid Quarter
With over 94,000 beds owned, leased or managed across its business lines and serving over 260,000 people daily, GEO is a leading provider of mission critical real estate to its governmental partners. The Company is the first fully integrated equity REIT specializing in the design, financing, development, and operation of secure facilities, processing centers, and community reentry centers in the U.S., Australia, South Africa, and the U.K.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
3Q21 Results. The GEO Group reported better-than-expected top line and AFFO for the third quarter of 2021. Total revenue for the quarter was $557.3 million compared to guidance of $548-$553 million. We were at $553 million. GEO reported AFFO of $0.65/sh, compared to guidance of $0.62/sh -$0.64/sh. We were at $0.65/sh. Adjusted earnings were $0.36/sh versus $0.37/sh last year. We had forecast $0.36/sh.
Non-Residential Services Strong Showing. The Non-Residential Services segment, mostly the BI monitoring business, enjoyed a very solid quarter, with revenue up 19% y-o-y (compared to 8.4% YTD) and NOI up 31% in the quarter (compared to 19% YTD) …
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.
