GEO Group (NYSE: GEO) reported Q1 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $564.92 million versus the consensus estimate of $559.75 million.

First Quarter 2018 Highlights

• Net Income Attributable to GEO of $35.0 million, or $0.29 per diluted share
• Net Operating Income of $146.0 million
• Normalized FFO of $0.43 per diluted share
• AFFO of $0.57 per diluted share
• Repurchased over 1.8 million shares of common stock for approximately $40.0 million during 1Q18
• Updated FY2018 guidance for Net Income Attributable to GEO of $1.27-$1.35; Adjusted Net Income of $1.30-$1.38; and AFFO of $2.45-$2.53 per diluted share

2018 Financial Guidance

GEO updated its financial guidance for the full-year 2018 and issued financial guidance for the second quarter 2018.

GEO expects full-year 2018 total revenue to be approximately $2.3 billion. GEO expects full-year 2018 Net Income Attributable to GEO to be in a range of $1.27 to $1.35 per diluted share. GEO expects full-year 2018 Adjusted Net Income to be in a range of $1.30 to $1.38 per diluted share. GEO expects full-year 2018 AFFO to be in a range of $2.45 to $2.53 per diluted share.

GEO’s full-year 2018 guidance does not assume the reactivation of any of GEO’s approximately 7,000 idle or underutilized beds or any additional share repurchases under GEO’s $200.0 million share repurchase program beyond the over 1.8 million shares of common stock that were repurchased during the first quarter 2018.

For the second quarter 2018, GEO expects total revenues to be in a range of $571 million to $576 million. GEO expects second quarter 2018 Net Income Attributable to GEO to be in a range of $0.30 to $0.32 per diluted share. GEO expects second quarter 2018 Adjusted Net Income to be in a range of $0.31 to $0.33 per diluted share and AFFO to be in a range of $0.59 to $0.61 per diluted share.

GUIDANCE:

GEO Group sees FY2018 EPS of $1.30-$1.38, versus the consensus of $1.32. GEO Group sees FY2018 revenue of $2.3 billion, versus the consensus of $2.28 billion.

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