GEO - GEO Group stock jumps after REIT boosts 2021 earnings guidance

GEO Group (GEO) stock surges 7.9% after issuing Q2 FFO guidance far above the analyst estimate and boosting its full-year guidance on the expectation of a slow recovery from the COVID-19 pandemic throughout the year.Sees Q2 adjusted FFO per share of 57 cents-59 cents vs. the sole analyst estimate of 40 cents.Sees FY2021 adjusted FFO per share of $2.23-$2.31 vs. the $1.98-$2.08 guidance issued on Feb. 16 and the single estimate of $1.60.Trims FY2021 revenue to $2.23B-$2.25B from the previous range of $2.24B-$2.27B, which lags the $2.27B average of two analysts' estimates.The guidance also incorporates previously announced expirations of service contracts with the federal Bureau of Prisons and the non-renewal by the U.S. Marshal's Service of a contract for GEO's Queens Detention Center in New York.The loss of contract renewals are partly offset by the activation in late 2020 of its three ICE Annex facilities in California ad its Eagle Pass Detention

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GEO Group stock jumps after REIT boosts 2021 earnings guidance