Tuesday, Corrections Corp. Of America (CXW) reported fourth-quarter net income of $42.5 million or $0.36 per share, compared to net income of $40.5 million or $0.32 per share in the same quarter last year.
On average, eight analysts polled by Thomson Reuters expected the company to earn $0.34 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter increased 4.0% to $427.1 million from $410.7 million in the comparable quarter last year. The increase in revenue was primarily driven by a 4.7% increase in average daily inmate populations. Analysts expected the company to report revenue of $430.74 million for the quarter.
Looking ahead to the first quarter, the company expects earnings in the range of $0.28 - $0.30 per share. Analysts currently anticipate the company to earn $0.33 per share for the quarter.
For the full year 2010, the company expects earnings in the range of $1.16 - $1.26 per share. The company also expects adjusted free cash flow per share in the range of $1.83 - $1.99. Analysts currently anticipate the company to earn $1.33 per share for the full year.
The company also noted that its board approved a stock repurchase program of up to $250.0 million of its common stock effective through June 30, 2011.
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