GEO - Why GEO Group Is Soaring Today
Shares of GEO Group (NYSE: GEO) were jumping 10% higher in afternoon trading after the private prison operator reported second-quarter earnings that beat analyst expectations.
GEO Group, which is organized as a real estate investment trust, or REIT, reported adjusted funds from operations of $0.70 per share, up 6% from last year and well ahead of analyst expectations of just $0.58 per share.
FFO is an important metric for REITs , which are also required to return to shareholders almost all of their profits as dividend payments. However, GEO Group suspended its dividend in April and said it would reevaluate whether it will remain a REIT. A decision is expected by the fourth quarter.
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Why GEO Group Is Soaring Today