Private prison operator CoreCivic (NYSE: CXW) will be reporting results this Wednesday after market close. Here’s what to expect.
CoreCivic beat analysts’ revenue expectations last quarter, reporting revenues of $614.7 million, up 25.8% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates.
Is CoreCivic a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting CoreCivic’s revenue to grow 14.8% year on year, improving from the 9.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. CoreCivic has a history of exceeding Wall Street’s expectations.
Looking at CoreCivic’s peers in the business services & supplies segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MSA Safety delivered year-on-year revenue growth of 6.2%, beating analysts’ expectations by 1.2%, and HNI reported revenues up 121%, in line with consensus estimates. MSA Safety traded up 9.1% following the results while HNI was also up 5.2%.
Read our full analysis of MSA Safety’s results here and HNI’s results here.
There has been positive sentiment among investors in the business services & supplies segment, with share prices up 5.3% on average over the last month. CoreCivic’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $36.40 (compared to the current share price of $30.41).
ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all.
Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE.
