GEO - GEO Group posts better than expected Q3 results lifts revenue EBITDA guidance
GEO Group ( NYSE: GEO ) stock dipped as much as 4.1% in Thursday morning trading even after the prison company raised its full-year guidance for revenue and adjusted EBITDA on Thursday following stronger-than-expected Q3 earnings and revenue .
During Q3, the company achieved "one of our highest quarterly run rates for topline revenues and a new all-time high quarterly run rate for Adjusted EBITDA," said Executive Chairman and CEO George C. Zoley.
It expects revenue to be $2.36B in 2022, compared with the prior view of $2.35B and the consensus of $2.35B. 2022 adjusted EBITDA is anticipated to be $527M-533.5M vs. the prior target range of $515M-530M.
Q3 adjusted FFO of $0.60 breezed past the average analyst estimate of $0.34 but slid from $0.65 a year before.
Revenue of $616.7M also surpassed the consensus of $605.9M and climbed from $557.3M in Q3 of last year.
Operating expenses were $436.2M, up from $399.9M in Q3 2021.
Interest income of $5.1M slipped from $5.99M a year ago; interest expense of $46.54M increased from $32.53M in Q3 2021.
Adjusted EBITDA drifted up to $136.2M from $116.03M a year before.
Conference call at 11:00 a.m. ET.
Earlier, GEO Group AFFO of $0.60 beats by $0.27, revenue of $616.7M beats by $10.85M .
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GEO Group posts better than expected Q3 results, lifts revenue, EBITDA guidance