Earnings ·
Reports Q3 revenue of $761.1M and raises full-year adjusted net income guidance to $185-$190 million
GEOGeo Group Inc
The GEO Group reported third-quarter revenues of $761.1 million, a 12% increase year-over-year, with adjusted EBITDA rising 21% to $145.3 million. The company updated its full-year guidance, raising net income attributable to operations to $726.3-$730.5 million and adjusted net income to $185-$190 million, or $1.40-$1.44 per diluted share. This outlook includes a gain from the October sale of its Adelanto, California ICE Complex for $950 million, proceeds from which were used to redeem $650 million in senior secured notes. The firm also announced new multi-year contracts with ICE expected to generate approximately $505 million in annual revenues upon activation. The GEO Group operates as a leading provider of contracted support services for secure facilities and reentry centers.