GEO Group Lowers Q4 Revenue Outlook From $595M- $610M To $590M-$600M Vs. $606.8M Estimate
Portfolio Pulse from Benzinga Newsdesk
GEO Group has lowered its Q4 2023 revenue outlook from $595M-$610M to $590M-$600M due to updated expectations regarding the U.S. Department of Homeland Security's Intensive Supervision and Appearance Program (ISAP). The company now assumes a flat to slightly down ISAP participant count for the rest of the year due to budgetary pressures faced by U.S. Immigration and Customs Enforcement (ICE) and uncertainty over the passage of federal appropriations bills for fiscal year 2024.
November 07, 2023 | 11:11 am
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GEO Group's lowered Q4 2023 revenue outlook could negatively impact its stock price in the short term. The company's updated expectations regarding the ISAP participant count and budgetary pressures faced by ICE are key factors in this revision.
GEO Group's lowered revenue outlook for Q4 2023 indicates that the company expects less revenue than previously anticipated. This is likely due to the company's updated expectations regarding the ISAP participant count and budgetary pressures faced by ICE. These factors could negatively impact the company's financial performance, which could in turn negatively impact its stock price in the short term.
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