BRENTWOOD, Tenn. (AP) — BRENTWOOD, Tenn. (AP) — Corrections Corp. of America (CXW) on Wednesday reported a key measure of profitability in its third quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Brentwood, Tennessee, said it had funds from operations of $47.6 million, or 43 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share.
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 $21.1 million, or 19 cents per share.
The prison operator, based in Brentwood, Tennessee, posted revenue of $491.6 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $469.5 million.
CCA expects full-year funds from operations in the range of $1.59 to $1.65 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CXW at https://www.zacks.com/ap/CXW
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