RTTNews | May 10, 2021 07:48AM EDT

07:47 Monday, May 10, 2021 (RTTNews.com) - While reporting higher profit and weak revenues in its first quarter, GEO Group, Inc. (GEO), a real estate investment trust, issued financial outlook for the second quarter and updated fiscal year 2021 forecast.

For the second quarter 2021, the company expects attributable net income in a range of $35 million to $38 million, adjusted funds from operations or AFFO in a range of $0.57 to $0.59 per share, and revenues in a range of $558 million to $563 million.

On average, analysts polled by Thomson Reuters expect earnings of $0.22 per share on revenues of $570.8 million. Analysts' estimates typically exclude special items.

Further, for the full year 2021, the company now expects attributable net income in a range of $141 million to $150 million, adjusted net income per share to be in a range of $1.02 to $1.10, AFFO in a range of $2.23 to $2.31 per share, and revenues in a range of $2.23 billion to $2.25 billion.

For the full year 2021, GEO previously expected attributable net income in a range of $0.88 to $0.98 per share, AFFO in a range of $1.98 to $2.08 per share, and revenues in a range of about $2.24 billion to $2.27 billion.

The Street expects the company to report earnings of $0.92 per share for the year on revenues of $2.27 billion.

The company said the updated guidance continues to assume a slow recovery from the COVID-19 pandemic throughout 2021.

In pre-market activity on NYSE, GEO shares were gaining 2.4 percent to trade at $5.88.

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