Corrections Corp. Of America Q3 FFO Rises; Adjusts 2014 Outlook - Quick Facts

(RTTNews) - Corrections Corp. of America or CCA, (CXW) reported third-quarter funds from operations, or FFO, of $78.96 million, compared to $72.32 million in the prior-year quarter. Normalized FFO totaled $78.96 million or $0.67 per share, higher than $73.96 million or $0.63 per share a year ago.

Adjusted FFO for the quarter was $77.60 million or $0.66 per share, compared to $73.42 million or $0.63 per share last year.

Net income for the quarter grew to $55.55 million or $0.49 per share from $51.84 million or $0.44 per share last year.

Excluding items, adjusted earnings for the quarter was $0.49 per share, compared to $0.46 per share a year ago.

On average, four analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter declined to $408.47 million from $421.47 million in the same quarter last year. Analysts expected revenues of $411.04 million.

Looking ahead to the fourth-quarter, the company expects adjusted earnings in a range of $0.46 to $0.49 per share. Analysts currently expect earnings of $0.47 per share for the quarter.

For fiscal 2014, the company now expects adjusted earnings to be in a range of $1.88 to $1.91 per share, FFO in the range of $2.61 to $2.64 per share and AFFO in the range of $2.54 to $2.57 per share. Analysts currently expect full-year earnings of $1.87 per share.

Earlier, the company expected fiscal 2014 adjusted earnings to be in a range of $1.87 to $1.93 per share, FFO in the range of $2.59 to $2.65 per share and AFFO in the range of $2.53 to $2.58 per share.