Corrections Corp. Q2 Adj. Profit Tops View

(RTTNews) - Corrections Corp. of America, or CCA, (CXW) Wednesday reported first-quarter net income of $51.7 million or $0.44 per share, compared to $181.1 million or $1.78 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $51.7 million, or $0.44 per share, up from $51.1 million, or $0.50 per share, in the prior year quarter. On average, four analysts polled by Thomson Reuters expected the company to earn $0.43 per share for the quarter. Analysts' estimates typically exclude special items.

Second-quarter funds from operations, or FFO, declined to $72.8 million from $200.8 million in the same period last year. Normalized FFO for the quarter totaled $72.8 million or $0.62 per share.

Adjusted FFO for the quarter was $68.1 million or $0.58 per share.

Revenues dropped to $404.22 million from $416.72 million last year. Analysts expected revenues of $412.89 million.

Looking ahead to the second-quarter, the company has forecast adjusted earnings in the range of $0.45 to $0.47 per share. Analysts currently expect second-quarter earnings of $0.47 per share.

For the fiscal 2014, the company expects adjusted earnings guidance to be in a range of $1.84 to $1.92 per share, normalized FFO to be in the range of $2.56 to $2.64 per share and AFFO per share to be in the range of $2.49 to $2.58. Analysts currently expect full-year earnings of $1.88 per share.