WASHINGTON (dpa-AFX) - Corrections Corp. of America, or CCA, (CXW) Wednesday reported first-quarter profit of $181.09 million or $1.78 per share, up from $31.68 million or $0.70 per share in the comparable quarter last year.
Adjusted earnings for the quarter was $51.09 million or $0.50 per share. On average, four analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
First-quarter funds from operations, or FFO, increased to $200.84 million from $51.02 million in the same period last year. Normalized FFO for the quarter totaled $70.84 million or $0.70 per share.
Adjusted FFO for the quarter was $70.96 million or $0.70 per share.
Revenues dropped to $425.72 million from $435.31 million last year. Analysts expected revenues of $429.60 million.
Looking ahead to the second-quarter, the company has forecast normalized FFO in the range of $0.70 to $0.72 per share, with AFFO expected to range between $0.69 and $0.71 per share.
Second-quarter earnings is anticipated in a range of $0.52 to $0.53 per share. Analysts currently expect second-quarter earnings of $0.51 per share.
For the fiscal 2013, the company has raised its adjusted earnings guidance to a range of $2.08 to $2.16 per share from the previous guidance range of $2.05 to $2.15 per share. Analysts currently expect full-year earnings of $2.0 per share.
Normalized FFO is currently projected in a range of $2.83 to $2.91 per share, with adjusted earnings between $2.75 and $2.88 per share. The company earlier expected FFO in a range of $2.80 to $2.90 per share, with adjusted FFO between $2.72 and $2.87 per share.
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