CORECIVIC Reports Third Quarter Fiscal Year 2023 Earnings Results
December 4, 2023
🌥️Earnings Overview
CORECIVIC ($NYSE:CXW): CoreCivic announced its financial results for the third quarter of its 2023 fiscal year, which ended on September 30th, 2023. Revenue totaled USD 483.7 million, representing a 4.2% increase compared to the prior year. Net income for the quarter was USD 13.9 million, a 79.7% decrease from the same quarter a year earlier.
Stock Price
According to the report, CORECIVIC stock opened at $13.0, and ended the day up 5.2% at $14.1 from its previous closing price of 13.4. CORECIVIC reported an increase in both total revenue and net income. Shareholders responded positively to the news, pushing the stock up 5.2% from its opening price. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Corecivic. CORECIVIC_Reports_Third_Quarter_Fiscal_Year_2023_Earnings_Results”>More…
| Total Revenues | Net Income | Net Margin |
| 1.88k | 65.56 | 3.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Corecivic. CORECIVIC_Reports_Third_Quarter_Fiscal_Year_2023_Earnings_Results”>More…
| Operations | Investing | Financing |
| 244.97 | -68.06 | -258.16 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Corecivic. CORECIVIC_Reports_Third_Quarter_Fiscal_Year_2023_Earnings_Results”>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 3.07k | 1.61k | 12.84 |
Key Ratios Snapshot
Some of the financial key ratios for Corecivic are shown below. CORECIVIC_Reports_Third_Quarter_Fiscal_Year_2023_Earnings_Results”>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -0.9% | -8.7% | 8.9% |
| FCF Margin | ROE | ROA |
| 9.1% | 7.2% | 3.4% |
Analysis
GoodWhale’s analysis of CORECIVIC‘s financials shows that the company is classified as an ‘elephant’ – a type of company which is rich in assets after deducting liabilities. This makes CORECIVIC attractive to a variety of investors, especially those looking for a secure investment with potential for growth. CORECIVIC’s health score of 8/10 for cashflows and debt indicates that the company is in a strong position to sustain future operations, even in times of crisis. However, our analysis shows that CORECIVIC is strong in liquidity, medium in asset, profitability and weak in dividend and growth. This means investors should be mindful of the potential risks associated with investing in CORECIVIC. 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, Inc. reported its third quarter 2023 financial results ending September 30th, 2023. Revenue for the quarter increased by 4.2% year-on-year to USD 483.7 million, while net income was USD 13.9 million, a 79.7% decrease from the previous year. Despite the decrease in net income, the stock price of CoreCivic moved up on the same day, giving investors reason to be optimistic.
It appears that investors are encouraged by the increase in revenue and are confident in CoreCivic’s ability to weather the short-term decrease in income. This could be a good time to invest in CoreCivic, as it looks to capitalize on its revenue growth in the future.
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