CoreCivic, Inc. reported a revenue of $491.6 million for the third quarter ended September 30, 2024, reflecting a 1.6% increase from $483.7 million in the same period last year. For the nine months ended September 30, 2024, total revenue reached $1.48 billion, up 5.5% from $1.41 billion in the prior year. The company’s net income for the third quarter was $21.1 million, or $0.19 per diluted share, compared to $13.9 million, or $0.12 per diluted share, in the third quarter of 2023. For the nine-month period, net income increased to $49.6 million, or $0.44 per diluted share, from $41.1 million, or $0.36 per diluted share, in the previous year.
The financial performance was bolstered by a 3.0% increase in management revenue, primarily driven by a rise in average revenue per compensated man-day. However, the company faced challenges, including the termination of an inter-governmental service agreement with ICE for the South Texas Family Residential Center, which negatively impacted revenue. Operating expenses for the third quarter decreased to $370.8 million from $377.3 million year-over-year, while general and administrative expenses rose to $41.2 million from $33.9 million, largely due to increased corporate salaries and benefits.
CoreCivic's operational developments included the management of 42 correctional and detention facilities and 21 residential reentry centers as of September 30, 2024. The company also reported a total of 110.3 million shares of common stock outstanding as of November 1, 2024. The company’s strategic initiatives included signing new management contracts with various counties and states, which are expected to enhance its service offerings and capacity utilization. Notably, CoreCivic signed contracts with Hinds County, Mississippi, and the state of Wyoming, among others, to manage additional inmate populations.
Looking ahead, CoreCivic anticipates continued growth opportunities as government agencies seek solutions to address rising inmate populations and aging infrastructure. The company plans to prioritize debt reduction following the termination of the ICE agreement, while also maintaining flexibility in its share repurchase program, which has been authorized for up to $350 million. As of September 30, 2024, CoreCivic had cash on hand of $107.9 million and $257 million available under its revolving credit facility, positioning it well to meet its financial obligations and capitalize on future growth opportunities.
About CoreCivic, Inc.
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