GEO - The GEO Group Inc. (GEO) - Better-Than-Expected First Quarter Results

1Q21 Results. The GEO Group reported first quarter 2021 net income of $50.5 million, or $0.41 per diluted share, compared to $25.2 million, or $0.21 per diluted share, for the first quarter 2020. Total revenue for the first quarter 2021 was $576.4 million compared to $605.0 million in the same period last year. GEO reported adjusted net income of $34.1 million, or $0.28 per diluted share, compared to $28.8 million, or $0.24 per diluted share, for the first quarter 2020. We had projected revenue of $579 million and EPS of $0.20.Favorable Cost Trends. The quarter adjusted EPS beat was driven by favorable cost trends, especially in the Secure Services business, reflecting lower y-o-y populations. G&A as a percent of revenue fell to 8.41% from 8.89%, while operating costs as a percent of revenue dropped to 74.28% from 76.25%. AFFO in the first quarter was $0.60 per share, versus $0.55 last year. Read More >>