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CoreCivic Initiates $500M Share Repurchase Program
CoreCivic announced that has entered into an accelerated share repurchase agreement with a financial institution to repurchase $500M of the company's common stock, par value $0.01 per share, as part of its existing capacity of $755.8M under the company's recently announced expanded share repurchase program, which was approved by the company's board of directors on August 4. Upon completion of the ASR agreement, the company anticipates that approximately $255.8M of share repurchase authorization will remain available under the company's existing share repurchase program.
CoreCivic Reports Q2 Revenue of $684.9M
Reports Q2 revenue $684.9M, consensus $618.63M. Patrick Swindle, CoreCivic's President and Chief Executive Officer, commented, "Building upon the strength of a successful start to 2026, the second quarter financial results exceeded our expectations, driven by lower operating costs and slightly higher populations from U.S. Immigration and Customs Enforcement. While we are pleased with our financial performance compared with the prior year quarter, recall that the prior year quarter included the benefit of $11.6 million, or $0.08 per share, of Employee Retention Credits, along with interest thereon, available under the CARES Act, so our earnings would have reflected more pronounced growth after taking into consideration this benefit."
Swindle Cuts FY26 EBITDA Outlook to $440.5M
Consensus $1.64. Cuts FY26 adjusted EBITDA view to $440.5M-$445.5M from $453.8M-$461.8M. Swindle continued, "We ended the quarter with leverage, measured as net debt to Adjusted EBITDA, at 2.9x for the trailing twelve months. Subsequent to quarter-end, we sold four of our detention facilities to our federal government partner for total gross proceeds of $2.2 billion, or $307,000 per bed, demonstrating the value of our real estate portfolio. The sale of these facilities substantially strengthens our balance sheet and provides us significant flexibility with our capital allocation strategy and growth plans. Further, the board's decision to further expand the share repurchase authorization underscores our commitment to disciplined capital allocation and reflects confidence in our ability to generate long-term shareholder value."
CoreCivic Awarded New ICE Contract, Expected Annual Revenue of $75M
CoreCivic announced that it has been awarded a new contract with U.S. Immigration and Customs Enforcement, or ICE, to utilize the company's 1,600-bed Prairie Correctional Facility located in Appleton, Minnesota, a facility that has been idle since 2010. The new contract commences on August 11 for a term of five years. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Taking into account start-up activities and the phased commencement of intake operations, we currently expect an immaterial impact to earnings for the remainder of 2026. Once the facility is fully activated, we expect this facility to generate total annual revenue of approximately $75M. We expect to begin receiving detainees in the fourth quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2027.
CoreCivic Secures New ICE Contract, Expected Annual Revenue of $75M
Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly.AI FRAMEWORK:The Trump administration has invited staffers from OpenAI, Google, Anthropic, and others to the White House on Tuesday to review the AI oversight framework, The Information's Leo Schwartz and Stephanie Palazzolo.OIL PROFITS:Trump said on Monday that ExxonMobiland Chevronare "making too much money," urging them to "give some of that back to the public" by lowering gasoline prices. The President told reporters at the White House, "I don't like it. I should be the last one to say because I'm a big free enterprise guy, nobody bigger. You surprised I'm saying it? I'll say it loud and clear. I'm not happy about it.TALKS WITH IRAN:President Trump told reporters aboard Air Force One that U.S. allies in the Middle East pleaded not to launch a massive attach on Iran, prompting him to call off the strike and plan for a new round of talks beginning tomorrow, Bloomberg's Jennifer A Dlouhy. A deal on reopening the Strait of Hormuz may be close, Trump noted, also stating that US would continue to pursue a path to end Iran's nuclear program.Meanwhile, Iran has denied that any talks with the U.S. were scheduled, contradicting President Trump's claim of planned negotiations and adding uncertainty after repeated threats of military action followed by last-minute cancellations, Reuters' Steve Holland, Elwely Elwelly, and Parisa Hafezi. Iranian Foreign Ministry spokesman Esmail Baghaei says no negotiations with the U.S. are taking place and no meetings are scheduled, and noted that Iran has no plans to host foreign delegations or send negotiators abroad in the coming days.ICE NEW CONTRACT:CoreCivicannounced that it has been awarded a new contract with U.S. Immigration and Customs Enforcement, or ICE, to utilize the company's 1,600-bed Prairie Correctional Facility located in Appleton, Minnesota, a facility that has been idle since 2010. The new contract commences on August 11 for a term of five years. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Considering start-up activities and the phased commencement of intake operations, CoreCivic currently expects an immaterial impact on earnings for the remainder of 2026. Once the facility is fully activated, it expects this facility to generate total annual revenue of approximately $75M. The company expects to begin receiving detainees in the fourth quarter of 2026, with the full ramp estimated to be complete in the second quarter of 2027.
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