CORECIVIC Reports Second Quarter Financial Results for FY2023 on August 8
August 16, 2023
🌥️Earnings Overview
On August 8, 2023, CORECIVIC ($NYSE:CXW) released their financial results for the second quarter of FY2023, which ended on June 30, 2023. With total revenue amounting to USD 463.7 million, they saw a 1.5% growth from the same quarter in the previous year. Net income also increased by 40.4%, amounting to USD 14.8 million.
Share Price
The company’s stock opened at $9.8 and closed the day at $10.0, a 5.2% increase from the previous closing price of $9.5. This marks a successful quarter for CORECIVIC, as they exceeded the estimates of many investors with their strong financial performance. The second quarter report revealed that the company had seen an increase in both revenue and profit margins for the period. The increases came from increased client demand for CORECIVIC’s services, as well as improved operational efficiencies resulting from recent investments in new technologies and processes. The company also noted that it is actively seeking to hire additional staff, particularly in areas such as healthcare and technology.
Overall, CORECIVIC had a successful second quarter report for FY2023, and investors are optimistic about the company’s future prospects. CORECIVIC continues to expand its range of services and invest in new technologies and processes, all of which will help to further strengthen their financial position in the long term. With continued growth, CORECIVIC is well-positioned to remain a leader in the corrections and detention management services industry. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Corecivic. CORECIVIC_Reports_Second_Quarter_Financial_Results_for_FY2023_on_August_8″>More…
| Total Revenues | Net Income | Net Margin |
| 1.86k | 119.98 | 3.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Corecivic. CORECIVIC_Reports_Second_Quarter_Financial_Results_for_FY2023_on_August_8″>More…
| Operations | Investing | Financing |
| 185.14 | 74.16 | -331.61 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Corecivic. CORECIVIC_Reports_Second_Quarter_Financial_Results_for_FY2023_on_August_8″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.03k | 1.59k | 12.67 |
Key Ratios Snapshot
Some of the financial key ratios for Corecivic are shown below. CORECIVIC_Reports_Second_Quarter_Financial_Results_for_FY2023_on_August_8″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -1.9% | -12.9% | 13.1% |
| FCF Margin | ROE | ROA |
| 6.0% | 10.6% | 5.0% |
Analysis
GoodWhale has conducted an analysis of CORECIVIC‘s fundamentals and the results are presented below. The Star Chart shows that CORECIVIC is strong in Assets, medium in Profitability, and weak in Dividend and Growth. Additionally, CORECIVIC has a health score of 8/10 due to its sound cashflows and debt situation, indicating that it is capable of paying off debt and funding future operations. Emphasizing CORECIVIC’s strength, we classify it as an ‘elephant’, a type of company that we find to be rich in assets after liabilities are accounted for. Considering its strong fundamentals, investors who are looking for a safe bet with solid returns may be interested in such a company. Those looking for higher returns may prefer other investment options. 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
CoreCivic reported positive financial results for the second quarter of FY2023, ending on June 30 2023, with a total revenue of USD 463.7 million and a net income of USD 14.8 million. This marks a 1.5% year-over-year increase in revenue and 40.4% year-over-year increase in net income, respectively. The stock price reacted positively to the news, with investors looking favorably upon the company’s performance. Going forward, it is expected that CoreCivic will continue to deliver consistent and strong results, making it an attractive investment opportunity for investors.
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