WASHINGTON (dpa-AFX) - Corrections Corporation of America (CXW) reported that its third-quarter net income decreased to $39.24 million or $0.37 per share from $41.96 million or $0.38 per share last year.
Adjusted net income decreased to $39.24 million or $0.37 per share from $41.96 million or $0.38 per share last year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue increased to $435.04 million from $427.15 million last year. Analysts expected revenue of $435.49 million for the quarter.
On a per share basis, funds from operations or FFO, was $0.72, flat with prior year. On an adjusted basis, FFO per share was $0.59 compared to $0.63 last year.
The company raised its fourth-quarter earnings per share guidance to be in the range of $0.37 to $0.38, and increased full year 2011 earnings guidance to the range of $1.50 to $1.51 per share. Full-year adjusted funds from operations per share is expected to be in the range of $2.45 to $2.51.
Analysts expect the company to report fourth-quarter earnings per share of $0.37, and 2011 earnings of $1.49 per share.
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