Corrections Corporation of America (CXW) said it is reaffirming its full-year 2012 earnings per share guidance of $1.60 - $1.70 and first-quarter 2012 earnings per share view of $0.32 - $0.33. These estimates exclude charges of $1.4 million - $1.9 million, the company expects to report during the first quarter of 2012 in connection with refinancing activities. Further, CCA's board has decided to terminate its share repurchase program.
Six analysts polled by Thomson Reuters project earnings per share of $0.33 for the first quarter and $1.64 for the full year. Analysts' estimates typically exclude one-time items.
The board also voted and approved its intention to initiate a quarterly cash dividend of $0.20 per share beginning in June of 2012. The decision to initiate a dividend was made after considering and evaluating the company's ability to continue to fund earnings growth through new bed investments, its strong liquidity and financial position and limitations on restricted payments under its debt deals.
by RTT Staff Writer
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