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CoreCivic Sees ICE Demand Surge, Earnings Beat
Description
CoreCivics first quarter earnings show a significant increase in revenue from federal partners, particularly ICE, due to higher populations and new contracts. The company also restarted the Farmville Detention Center. While they beat analyst expectations on revenue and adjusted earnings per share, full-year guidance for adjusted earnings per share was lower than predicted. The CEO hinted at potential acquisitions but prioritized share buybacks. Analysts questioned ICEs warehouse conversion strategy and the integration of a new pharmacy business. Future growth will depend on ICE detention numbers, new contracts, and the speed of activating idle capacity.
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