UPDATE: GEO Group (GEO) Reports Q4 FFO of 80c
(Update corrects consensus FFO to $0.78)
GEO Group (NYSE: GEO) reported Q4 FFO of $0.80, $.02 better than the consensus estimate of $0.78. Revenue for the quarter came in at $500.1 million versus the consensus estimate of $513.79 million.
George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We are very pleased with our strong fourth quarter results as well as our outlook for 2016, which reflect continued growth in multiple market segments across our diversified business units of GEO Corrections & Detention and GEO Care. During 2015, we completed several important operational milestones with the integration of 6,500 owned beds acquired from LCS Corrections as well as the activation of more than 8,700 new and expansion beds. The significant level of new growth projects is indicative of the continued need for correctional and detention bed space across the United States and of GEO’s ability to provide tailored real estate, management, and programmatic solutions across the entire spectrum of correctional services. We continue to be focused on pursuing new growth opportunities and remain optimistic about the growth prospects for our company.”
GUIDANCE:
GEO Group sees FY2016 FFO of $3.52 - $3.62, may not compare to the consensus of $2.73.
For earnings history and earnings-related data on GEO Group (GEO) click here.