CoreCivic Q2 Revenue Jumps 27%, Board Adds $500M to Buyback After $2.2B Facility Sale
CXW sits 98% above its 52-week low of $15.735 on elevated volume (2.0× avg).
Summary
CoreCivic delivered Q2 revenue of $684.9M, up 27.3% year-over-year, driven by facility activations and higher ICE populations. Net income slipped 3.6% to $37.1M due to a prior-year CARES Act benefit, but adjusted EPS rose 5.6% to $0.38. The board expanded the share repurchase authorization by $500M, signaling confidence after the post-quarter sale of four detention facilities to the federal government for $2.2B—$307K per bed—which dramatically strengthens the balance sheet. Leverage stands at 2.9x net debt to EBITDA. This follows the July 8-K disclosing the initial $1.47B facility sale; the additional $2.2B sale and buyback expansion are new, material developments. The stock is trading near its 52-week high, and the combination of strong operations, asset monetization, and aggressive capital return could sustain momentum.
At the time of this announcement, CXW was trading at $31.23 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.1B. The 52-week trading range was $15.74 to $32.69. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.