ICE Populations and Revenue Climbing. ICE populations at CoreCivic have roughly doubled since the beginning of the year. We would note that revenue derived from ICE in the second quarter was $139.6 million, up from $135.7 million in the same period last year, and up from $131.5 million in the first quarter. Management stated that ICE populations overall remained about 2,200 below the contract minimums, although this is down from 3,200 at the end of the first quarter.Safety Segment Improving. Safety segment revenue declined modestly to $419.9 million from $424.1 million. Safety's facility net operating income, however, increased to $112.6 million from $100.4 million during the second quarter of 2020. Increased per diem rates and lower COVID related operating expenses drove the improvement. Revenue per compensated man day rose to $90.88 in the quarter, up from $84.72 last year, while operating income per compensated man day increased to $24.37 from $20.05.Updated Projections. Third quarter results will be negatively impacted by the completion of the non-core asset sales. Nonetheless, we believe Safety segment revenue could increase due to rising populations and per diems. For the third quarter we are now projecting revenue of $455 million, compared to our previous $440 million. Third quarter adjusted EPS is now projected at $0.21, compared to a previous $0.18. For the full year, we are now at revenue of $1.83 billion and adjusted EPS of $0.92.Maintaining Outperform and $15 PT. We continue to believe CXW shares present a compelling risk/reward opportunity. We believe the services offered by CoreCivic are needed by its government partners to solve the complex issues they face. We are maintaining our Outperform rating and $15.00 12-month price target. At our target, CXW shares would trade at 16.3x our adjusted EPS estimate, 7.7x our AFFO estimate, 8.7x adjusted EBITDA, and 1.8x revenue. Read More >>