GEO Group Continues To See Annual Revenues Of Approximately $2.4B, Est $2.45B
Portfolio Pulse from Benzinga Newsdesk
GEO Group updated its 2024 financial guidance, projecting annual revenues of approximately $2.4B, slightly below the estimated $2.45B. The company now expects Net Income to range between $55M and $75M, down from the previous forecast of $110M to $125M, attributing the decrease to an $86M loss on debt extinguishment due to refinancing in Q2 2024. The adjusted EBITDA forecast is set between $485M and $515M.
May 07, 2024 | 10:09 am
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GEO Group lowers 2024 Net Income forecast to $55M-$75M from $110M-$125M, citing an $86M loss from debt refinancing. Adjusted EBITDA expected between $485M-$515M.
The downward revision in GEO's financial guidance, especially the significant cut in Net Income forecast due to the loss on debt extinguishment, is likely to negatively impact investor sentiment and the stock price in the short term. The reduction in expected Net Income and the associated costs of refinancing could be viewed unfavorably by the market, leading to a potential decrease in stock value.
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