CORECIVIC Reports Fourth Quarter FY2022 Financials on December 31, 2022.
March 24, 2023
Earnings Overview
CORECIVIC ($NYSE:CXW) reported total revenue of USD 24.4 million for the fourth quarter of FY2022 on December 31, 2022, a decrease of 12.8% compared to the year before. Net income was reported at USD 471.4 million, representing a 0.1% decrease year-over-year.
Transcripts Simplified
The fourth quarter of 2022 reported net income of $0.21 per share, or $0.22 of adjusted earnings per share. Normalized FFO per share was $0.42 and AFFO per share of $0.38. The results were $0.09 above average analyst’s estimates due to lower operating expenses stemming from moderated staffing incentives and AFFO credit. Compared with the third quarter of 2022, adjusted EPS increased $0.14 from $0.08 to $0.22 per share and normalized FFO per share increased $0.13 from $0.29 to $0.42 per share due to a reduction in expenses associated with a very tight labor market.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Corecivic. More…
| Total Revenues | Net Income | Net Margin |
| 1.85k | 122.32 | 3.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Corecivic. More…
| Operations | Investing | Financing |
| 153.58 | 73.04 | -375.16 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Corecivic. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.24k | 1.81k | 12.46 |
Key Ratios Snapshot
Some of the financial key ratios for Corecivic are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -2.3% | -15.0% | 13.6% |
| FCF Margin | ROE | ROA |
| 3.9% | 11.0% | 4.8% |
Market Price
The stock opened at $10.1 per share and closed at $11.4, soaring by 13.1% from the prior closing price of $10.1. The results of the report were welcomed by investors and analysts alike, with strong showings from both the top and bottom lines. CORECIVIC stock has been performing well since the beginning of the fiscal year and has continued to show strong growth in the fourth quarter. The impressive financial results reported on Thursday further cement the company’s position in the industry and have investors and analysts bullish on CORECIVIC’s future prospects. Live Quote…
Analysis
At GoodWhale, we have conducted an extensive analysis of CORECIVIC‘s fundamentals and are pleased to report that the company is a low risk investment in terms of financial and business aspects. Upon closer inspection however, we identified two risk warnings present in the company’s income sheet and balance sheet. If you are interested in gaining a better understanding of the risks associated with this investment, please become a registered user of our platform – we will provide you with an in-depth analysis. More…
Peers
The Company operates through its subsidiaries, CoreCivic Properties and CoreCivic Communities. As of December 31, 2019, the Company owned or operated a portfolio of approximately 86,600 real estate assets with a gross book value of approximately $9.9 billion. The Company’s competitors include American Homes 4 Rent, Inland Real Estate Income Trust Inc, and Choice Properties Real Estate Investment Trust.
– American Homes 4 Rent ($NYSE:AMH)
American Homes 4 Rent is a real estate investment trust that acquires, renovates, leases, and manages single-family homes in the United States. As of December 31, 2020, the company owned 53,545 homes in 22 states.
– Inland Real Estate Income Trust Inc ($OTCPK:INRE)
Inland Real Estate Income Trust Inc is a real estate investment trust that focuses on generating income through investments in real estate. The company owns and operates a portfolio of properties, including office, retail, and multifamily properties. Inland Real Estate Income Trust Inc is headquartered in Oak Brook, Illinois.
– Choice Properties Real Estate Investment Trust ($TSX:CHP.UN)
Choice Properties Real Estate Investment Trust is a leading real estate investment trust in Canada. The company owns, manages and develops a diversified portfolio of commercial properties across the country. As of December 31, 2020, Choice Properties’ portfolio consisted of approximately 1,200 properties totaling approximately 178 million square feet of gross leasable area.
Summary
Analysts have been closely monitoring CoreCivic‘s financials, which showed a total revenue of USD 24.4 million for the fourth quarter of FY2022, a year-over-year decrease of 12.8%. Net income was reported as USD 471.4 million, a 0.1% decrease year-over-year. Despite the slight downturn in profits, the stock price moved up the same day, indicating investor confidence.
In general, it appears that CoreCivic is a good option for investors looking for stability and reliable income. The company has a solid track record of profitability and its financial performance suggests that it is in a good position to handle any potential market fluctuations.
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