RTTNews | Aug 4, 2021 10:09AM EDT

10:08 Wednesday, August 4, 2021 (RTTNews.com) - The GEO Group, Inc. (GEO) said it recorded strong second-quarter results and increased financial guidance for the full year. The company said its better-than-expected financial performance during the second quarter was driven by continued favorable cost trends; higher occupancies at facilities for the U.S. Marshals Service and U.S. Immigration and Customs Enforcement; and increased revenue and earnings from electronic monitoring segment.

For the full year 2021, the company expects net income attributable to GEO in a range of $167.5 million to $174.5 million on annual revenues of approximately $2.23 billion. Adjusted net income per share is now estimated to be in a range of $1.34 to $1.40 and AFFO per share to be in a range of $2.51 to $2.57.

For the third quarter, the company expects net income attributable to GEO to be in a range of $39 million to $42 million on quarterly revenues of $548 million to $553 million. AFFO per share is projected to be in a range of $0.62 to $0.64.

For the fourth quarter, the company expects net income attributable to GEO to be in a range of $36 million to $40 million on quarterly revenues of $538 million to $543 million. AFFO per share is projected to be in a range of $0.59 to $0.63.

Second-quarter adjusted net income was $50.8 million compared to $43.1 million, last year. Adjusted net income per share increased to $0.42 from $0.36. Adjusted Funds From Operations was $84.4 million, or $0.70 per share, compared to $78.8 million, or $0.66 per share, a year ago.

On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.28, for the quarter. Analysts' estimates typically exclude special items.

Total revenues declined to $565.4 million from $587.8 million, last year. Analysts expected revenue of $561.18 million, for the quarter.

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