- Former Citi President's Fund Up 84% This Year
- Qualcomm Outlook Misses Street, Samsung Deal Helps
- Fed to Maintain Low Rates Even as Economy Recovers
- Why the Dollar's Decline Doesn't Worry US Officials—Yet
- Nervous About US Stocks? Check Out Emerging Markets
- 3 Companies That Could Be Ripe For The Picking
- Kudlow: Stocks and Voters Show GOP the Way
- Former Merrill CEO Thain to Emerge From Seclusion
- Study Reveals What's Really Going on in Aisle Six
- Gold Will Hit $1,500 By June 2010: Strategist
- Crescenzi: Fed Conditions Its Commitment on Rates
- Three Way to Play the Dollar Carry Trade
- Study Reveals What's Really Going on in Aisle Six
- Time Warner Raises Forecast, Focuses on Exploiting Content
- Do You Buy Marchionne's Turnaround Plan?
- Call It 'Microsoft Math'
- Wells Fargo Bets on Housing Recovery
- Equities Are in a 'Definite Bullish Trend': Chief Investor
- Hindus, yoga teachers question Mo. sales tax
- Andersons shares fall on weak 3Q profit
- Eagle Bulk Shipping profit plummets
- States with jobless rates of 8.5 percent and above
- Corrections Corp. of America 3Q profit jumps
- Ohio casinos to hit Mich., Ind. gambling taxes
- Murphy Oil 3Q profit falls 68 percent
- Sanmina-SCI Corp. says worst of recession over
- Microchip Technology declares dividend
Text Size 
NASHVILLE, Tenn. - Prison operator Corrections Corp. of America said its third-quarter profit jumped 19 percent as more prisoners were locked up in its California and Arizona facilities.
The company said it earned $45.3 million in the quarter that ended Sept. 30, or 39 cents per share. That was up from $37.9 million, or 30 cents per share, during the same period last year.
Not counting an unusual tax benefit, the company would have earned 33 cents per share — above the 31 cents per share average expected by analysts surveyed by Thomson Reuters.
Revenue rose about 6 percent to $426 million from $403.8 million a year earlier, also topping analysts' $422.8 million forecast. The revenue increase was driven by a 4.5 percent rise in its average daily inmate population, plus a 1.3 percent increase in revenue for each person locked up one day.
Management revenue from states rose nearly 7 percent to $224.9 million as the inmate population from California and Arizona rose, partially offset by a drop in the number of prisoners in Minnesota and Washington.
The company said it expects a fourth-quarter profit of 33 cents to 35 cents per share, and a full-year profit of $1.24 to $1.26 per share, not counting special items. Analysts are expecting a profit of 34 cents per share for the fourth quarter and $1.25 per share for the year, on average.
The company said the general economy remains uncertain, and states — which pay the company to lock up their prisoners — are facing budget revenue shortfalls. It said its prediction includes the potential for additional pricing pressure, and the risk of population declines from some customers.
Corrections Corp. shares rose 33 cents to close earlier at $25.49, and slipped 68 cents, or 2.7 percent in late trading.
Print
Email
- The Oracle of Omaha is placing his bets on these 15 stocks, the biggest holdings of Berkshire Hathaway.
- The mass of man-made debris orbiting the Earth is dramatically increasing the risk of space collisions.
- Here are the world's most secretive tax havens, according to the Tax Justice Network.
- The Apple App Store's market dominance reaches a new milestone: 100,000 apps now available.
- A Harvard professor’s unusual confectionary is blowing away chocolatiers in Paris.
- One MIT graduate thinks you probably don’t smile enough, and she has invented a painful device to take care of that problem.
Data is a real-time snapshot *Data is delayed at least 15 minutes