Corrections Corp. of America (CXW: Quote) Wednesday reported a decline in funds from operations for the second quarter compared to last year.
The Nashville, Tennessee-based company's second-quarter funds from operations, or FFO, was $54.89 million, compared to $57.36 million last year. On a per-share basis, FFO rose to $0.55 from $0.53.
Adjusted FFO for the quarter declined to $42.84 million or $0.43 per share from $48.0 million or $0.45 per share in the prior-year quarter.
The company's second-quarter net profit slipped to $37.33 million or $0.37 per share from $42.42 million or $0.39 per share last year, due mainly to higher operating expenses.
Adjusted income for the quarter decreased to $37.86 million or $0.38 per share from $42.42 million or $0.39 per share in the prior-year quarter.
On average, six analysts polled by Thomson Reuters expected the company to earn $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew to $442.87 million from $429.94 million in the prior-year quarter. Six analysts had a consensus revenue estimate of $436.47 million for the quarter.
Looking ahead, the company expects third quarter net income in the range of $0.39 to $0.41 per share. Analysts currently expect the company to earn $0.42 per share for the quarter.
The company expects full-year 2012 FFO in the range of $2.86 to $2.91 per share and adjusted FFO to range between $2.31 and $2.41 per share.
Full-year 2012 adjusted earnings are expected in a range of $1.53 to $1.57 per share. Analysts currently expect earnings of $1.55 per share for the year.
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by RTT Staff Writer
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