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GEO Group Q2 Normalized FFO Rises

GEO Group Inc. (GEO) reported that its normalized funds from operations for the second quarter 2019 rose to $66.6 million or $0.56 per share, from $57.7 million, or $0.48 per share last year.

Adjusted funds from operations were $83.4 million, or $0.70 per share, compared to $72.2 million, or $0.60 per share in the prior year.

Quarterly 2019 net income attributable was $41.9 million, or $0.35 per share, compared to $37.4 million, or $0.31 per share in the prior year.

Second quarter 2019 results reflected $2.6 million in start-up expenses, pre-tax, and a $5.7 million loss on the extinguishment of debt, pre-tax, related to the recent amendment and extension of GEO's senior revolving credit facility and the recent refinancing of non-recourse senior secured debt associated with the development of the Ravenhall Correctional Centre in Australia.

Excluding the items, GEO reported second quarter 2019 Adjusted Net income of $49.4 million, or $0.41 per share.

Total revenues for the second quarter 2019 were $614.0 million up from $583.5 million for the second quarter 2018.

For the third quarter 2019, GEO expects total revenues to be in a range of $615 million to $620 million. GEO expects third quarter 2019 Net Income Attributable to GEO to be in a range of $0.33 to $0.35 per share and Adjusted Net Income to be in a range of $0.37 to $0.39 per share. GEO expects third quarter 2019 AFFO to be in a range of $0.66 to $0.68 per diluted share.

For the fourth quarter 2019, GEO expects total revenues to be in a range of $630 million to $635 million. GEO expects fourth quarter 2019 Net Income Attributable to GEO to be in a range of $0.37 to $0.39 per share and Adjusted Net Income to be in a range of $0.39 to $0.41 per share. GEO expects fourth quarter 2019 AFFO to be in a range of $0.66 to $0.68 per share.

GEO updated its initial financial guidance for the full-year and issued financial guidance for the third and fourth quarters of 2019.

GEO expects full-year 2019 total revenue to be about $2.47 billion. It expects full-year 2019 Net Income Attributable to GEO to be in a range of $1.40-$1.44 per diluted share and Adjusted Net Income to be in a range of $1.53-$1.57 per share. GEO expects full-year 2019 AFFO to be in a range of $2.69-$2.73 per share and Adjusted EBITD areto be in a range of $486 million to $491 million.

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