The GEO Group Reports Third Quarter 2019 Results
https://www.bloomberg.com/press-releases/...hird-quarter-2019-results
The GEO Group Reports Third Quarter 2019 Results
* 3Q19 Net Income Attributable to GEO of $0.39 per diluted share * 3Q19 Adjusted Net Income of $0.44 per diluted share * 3Q19 AFFO of $0.72 per diluted share * Updated FY19 guidance for Net Income Attributable to GEO of $1.45-$1.47 per diluted share and Adjusted Net Income of $1.60 to $1.62 per diluted share * Updated FY19 AFFO guidance of $2.75-$2.77 per diluted share * Repurchased $34 million of senior unsecured notes due 2022 and closed on $44 million, 15-year real estate loan bearing interest at 4.22% annually
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Third Quarter 2019 Highlights
* Net Income Attributable to GEO of $45.9 million or $0.39 per diluted share * Adjusted Net Income of $0.44 per diluted share * Net Operating Income of $172.2 million * Normalized FFO of $0.59 per diluted share * AFFO of $0.72 per diluted share
GEO reported third quarter 2019 net income attributable to GEO of $45.9 million, or $0.39 per diluted share, compared to $39.3 million, or $0.33 per diluted share, for the third quarter 2018. GEO reported total revenues for the third quarter 2019 of $631.6 million up from $583.5 million for the third quarter 2018. Third quarter 2019 results reflect a $1.2 million loss on real estate assets, pre-tax, $6.1 million in start-up expenses, pre-tax, and a $0.6 million gain on the extinguishment of debt, pre-tax, related to the repurchase of $34 million of senior unsecured notes due 2022. Excluding these items, GEO reported third quarter 2019 Adjusted Net Income of $52.9 million, or $0.44 per diluted share. |