GEO Group, Inc. (GEO) posted first quarter profit attributable to GEO Group of $15.03 million versus $16.79 million last year. Earnings were $0.25 per share, flat with the prior-year quarter.
Excluding items, Pro Forma net income was $0.31 per share, down from $0.35 per share a year earlier.
On average, 7 analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share. Analysts' estimates typically exclude special items.
Revenues grew to $412.34 million from $391.77 million in the prior-year quarter. Analysts estimated revenues of $409.60 million.
George Zoley, Chairman and Chief Executive Officer of GEO, said, "We are pleased with our first quarter results, which continue to reflect strong operational and financial performance from our diversified business units.."
Looking ahead, GEO expects its second quarter revenues to be in a range of $410 million to $415 million and its pro forma earnings per share to be in a range of $0.40 to $0.42 per share, excluding $0.03 per share in after-tax start-up/transition expenses, international bid and proposal expenses, and M&A related expenses. Analysts expect earnings of $0.38 per share, on revenues of $415.00 million.
GEO has increased its earnings guidance for 2012. GEO now expects its full year 2012 revenues to be in a range of $1.65 billion to $1.66 billion and its 2012 pro forma earnings per share to be in a range of $1.54 to $1.60 per share, excluding $0.12 per share in after-tax start-up/transition expenses, international bid and proposal expenses, and M&A related expenses.
Earlier, the company expected its full year 2012 revenues to be in a range of $1.66 billion to $1.68 billion and its 2012 pro forma earnings per share to be in a range of $1.50 to $1.60 per share, excluding $0.07 per share in start-up/transition expenses and international bid and proposal costs. Analysts expect earnings of $1.52 per share, on revenues of $1.66 billion.
GEO also said its Board has decided to accelerate the implementation of its new dividend policy to the third quarter 2012 and to increase the quarterly cash dividend in the fourth quarter 2012. GEO expects to declare quarterly cash dividends of $0.10 per share in the third quarter 2012 and $0.15 per share in the fourth quarter 2012.
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