WASHINGTON (dpa-AFX) - Corrections Corp. of America, or CCA, (CXW) Wednesday reported second-quarter net income of $20.4 million or $0.19 per share, compared to $37.3 million or $0.37 per share in the comparable quarter last year.
Adjusted earnings for the quarter was $57.1 million, or $0.52 per share, up from $37.9 million, or $0.38 per share, in the prior year quarter. On average, three analysts polled by Thomson Reuters expected the company to earn $0.50 per share for the quarter. Analysts' estimates typically exclude special items.
Second-quarter funds from operations, or FFO, increased to $40.5 million from $57.0 million in the same period last year. Normalized FFO for the quarter totaled $77.2 million or $0.71 per share.
Adjusted FFO for the quarter was $76.9 million or $0.71 per share.
Revenues dropped to $433.98 million from $442.87 million last year, while three analysts expected revenues of $431.55 million.
Looking ahead to the third-quarter, the company has forecast adjusted earnings in the range of $0.45 to $0.47 per share. Analysts currently expect second-quarter earnings of $0.50 per share.
For the fiscal 2013, the company has raised its adjusted earnings guidance to a range of $1.95 to $1.99 per share from the previous guidance range of $1.91 to $1.98 per share. Analysts currently expect full-year earnings of $2.02 per share.
Normalized FFO is currently projected in a range of $2.65 to $2.69 per share, with adjusted FFO between $2.58 and $2.66 per share. The company earlier expected FFO in a range of $2.83 to $2.91 per share, with adjusted FFO between $2.75 and $2.88 per share.
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