CXW: Revising Estimates; Believe CXW Relationship with ICE Remains Strong [Yahoo! Finance]
CoreCivic, Inc. (CXW)
Last corecivic, inc. earnings: 2/12 04:15 pm
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Source: Yahoo! Finance
CoreCivic (NYSE:CXW) received termination notice from ICE earlier this week that ICE plans to terminate services at the South Texas Family Residential Center in Dilley, Texas effective in 60 days (~August 9, 2024). While we see this as a short-term challenge for CXW in terms of the loss of occupancy, we believe the contract termination does not reflect on the company's relationship with ICE, its largest customer. We expect further renewals, extensions and new business agreements for CXW with ICE in the future. Management has indicated that the decision to terminate the contract primarily reflects the high cost of operating the facility, which unlike the majority of CXW's ICE contracts, has been operated under a costlier Family Residential Standards (FRS) model because the facility was initially designed to house families seeking asylum. Specifically, the company originally entered into the contract in 2014 as ICE sought to provide solutions for the high volume of families seeking t
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CXW
News
- CoreCivic, Inc. (NYSE: CXW) was downgraded by analysts at Noble Financial from a "strong-buy" rating to a "hold" rating.MarketBeat
- CoreCivic, Inc. (NYSE: CXW) was downgraded by analysts at Wedbush from an "outperform" rating to a "neutral" rating. They now have a $14.00 price target on the stock, down previously from $19.00.MarketBeat
- CoreCivic Receives Termination Notice From U.S. Immigration and Customs Enforcement At South Texas Family Residential CenterGlobeNewswire
- CoreCivic, Inc. (NYSE:CXW) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies [Yahoo! Finance]Yahoo! Finance
CXW
Earnings
- 5/8/24 - Miss
CXW
Sec Filings
- 6/12/24 - Form 8-K
- 6/12/24 - Form 11-K
- 5/22/24 - Form 4
- CXW's page on the SEC website