The GEO Group, Inc. (GEO) said it recorded strong second-quarter results and increased financial guidance for the full year. The company said its better-than-expected financial performance during the second quarter was driven by continued favorable cost trends; higher occupancies at facilities for the U.S. Marshals Service and U.S. Immigration and Customs Enforcement; and increased revenue and earnings from electronic monitoring segment.
For the full year 2021, the company expects net income attributable to GEO in a range of $167.5 million to $174.5 million on annual revenues of approximately $2.23 billion. Adjusted net income per share is now estimated to be in a range of $1.34 to $1.40 and AFFO per share to be in a range of $2.51 to $2.57.
For the third quarter, the company expects net income attributable to GEO to be in a range of $39 million to $42 million on quarterly revenues of $548 million to $553 million. AFFO per share is projected to be in a range of $0.62 to $0.64.
For the fourth quarter, the company expects net income attributable to GEO to be in a range of $36 million to $40 million on quarterly revenues of $538 million to $543 million. AFFO per share is projected to be in a range of $0.59 to $0.63.
Second-quarter adjusted net income was $50.8 million compared to $43.1 million, last year. Adjusted net income per share increased to $0.42 from $0.36. Adjusted Funds From Operations was $84.4 million, or $0.70 per share, compared to $78.8 million, or $0.66 per share, a year ago.
On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.28, for the quarter. Analysts' estimates typically exclude special items.
Total revenues declined to $565.4 million from $587.8 million, last year. Analysts expected revenue of $561.18 million, for the quarter.
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April 10, 2026 16:21 ET Inflation data from the U.S. was the main data event this week as the conflict in the Middle East continue. The minutes of the latest Fed policy session and the survey data on the services sector also made headlines. In Europe, manufacturing orders data from Germany was in focus. Price data from China drew attention in Asia.