WASHINGTON (dpa-AFX) - The GEO Group Inc. (GEO) reported that its first-quarter net income attributable to company increased to $23.42 million or $0.33 per share, from $15.03 million or $0.25 per share last year. Profit per share from continuing operations was $0.33, compared to $0.23 last year.
GEO's first quarter 2013 earnings reflect $3.7 million, after-tax, in one-time expenses associated with GEO's conversion to a Real Estate Investment Trust. Excluding the one-time expenses, GEO reported pro forma income from continuing operations of $0.38 per share, compared to $0.29 prior year.
Normalized FFO was $39.6 million or $0.55 per share, compared to $26.0 million or $0.43 per share, last year. GEO reported first-quarter AFFO was $49.6 million or $0.69 per share, an increase from $32.8 million, or $0.54 per share, last year.
Total revenues increased to $377.0 million from $360.0 million last year.
On average, seven analysts polled by Thomson Reuters expected the company to report profit of $0.38 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $378.50 million for the quarter.
GEO also announced the signing of a definitive agreement for the purchase of the 1,287-bed Joe Corley Detention Center for $65 million. The Center, which is owned by Montgomery County, Texas, houses federal detainees for U.S. Immigration and Customs Enforcement.
GEO updated its previously issued financial guidance for 2013 and issued additional financial guidance for the second quarter 2013. GEO expects full year 2013 AFFO to be in a range of $2.78 to $2.92 per share. On a GAAP basis, GEO expects its income from continuing operations for the full year 2013 to be in a range of $1.58 to $1.68 per share. GEO expects full year 2013 revenues to be in a range of $1.51 billion to $1.55 billion.
The company expects second-quarter AFFO to be in a range of $0.72 to $0.75 per share. On a GAAP basis, GEO expects its second-quarter income from continuing operations to be in a range of $0.38 to $0.40 per share. GEO expects second quarter 2013 revenues to be in a range of $380 million to $385 million.
Analysts expect the company to report second-quarter profit per share of $0.42 on revenue of $387.80 million. Analysts expect the company to report fiscal year profit per share of $1.71 on revenue of $1.53 billion.
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