GEO Group Q1 FFO Rises, Tops View

(RTTNews) - The GEO Group, Inc.'s (GEO) first-quarter normalized Funds From Operations or normalized FFO increased to $41.4 million, or $0.58 per share, from $39.2 million, or $0.55 per share, for the first quarter of 2013.

First-quarter net income attributable to the company of $27.9 million or $0.39 per share compared with $23.4 million or $0.33 per share in the prior-year period.On average, 4 analysts polled by Thomson Reuters expected earnings per share of $0.34 for the quarter.Analysts' estimates typically exclude one-time items. The company posted total revenues of $393 million versus $377 million in the year-ago quarter. Analysts estimated revenues of $389.92 million for the quarter. For the second quarter , the firm expects net income per share in a range of $0.46 - $0.48 and revenues between $404 million and $409 million. Analysts forecasts earnings of $0.46 per share on revenues of $399.10 million for the quarter. Further, the company expects net income for the full year 2014 in the range of $1.78 - $1.86 per share. Analysts estimate full-year earnings of $1.81 per share. GEO expects full-year revenues between $1.60 billion and $1.62 billion, while analysts project annual revenues of $1.60 billion.

The company raised its full-year adjusted funds from operations or AFFO guidance to a range of $3.00 to $3.08 per share, or $216 million to $222 million. Also, the company now expects net operating income in a range of $452 million - $458 million and adjusted EBITDA in a range of $325 million - $331 million.

Furthermore, the board declared a quarterly cash dividend of $0.57 per share to be paid on May 27, 2014 to shareholders of record as of the close of business on May 15, 2014.