BRENTWOOD, Tenn. (AP) 鈥� BRENTWOOD, Tenn. (AP) 鈥� Corrections Corp. of America (CXW) on Wednesday reported a key measure of profitability in its first quarter.
The Brentwood, Tennessee-based real estate investment trust said it had funds from operations of $65.1 million, or 65 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $37.9 million, or 38 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $614.7 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $608.5 million.
CCA expects full-year funds from operations in the range of $2.60 to $2.70 per share.
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