Thursday, Cornell Companies Inc. (CRN) reported a 35.3% increase in income available to stockholders to $7.23 million or $0.48 per share from $5.34 million or $0.36 per share in last year's second quarter. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.44 for the quarter. Analysts' estimate typically exclude special items.
Revenues for the second quarter of 2009 grew 11.3% to $105.3 million from $94.6 million in the 2008 period. Four analysts estimated revenues of $105.01 million for the quarter.
The company expects third-quarter earnings per share to range from $0.42 to $0.46, and for the fourth-quarter to also be between $0.42 to $0.46. Five analysts expect earnings per share of $0.42 for the third quarter.
For the full year, management raised its earlier earnings guidance by $0.06 per share to $1.68 to $1.76 per share, to account for the performance in the second quarter as well as forecasted continued operational strength across the portfolio. Five analysts foresee earnings per share of $1.66 for the full year 2009.
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