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Geo Group reports 2Q results

BOCA RATON, Fla. (AP) _ Geo Group Inc. (GEO) on Monday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Boca Raton, Florida, said it had funds from operations of $74.7 million, or 61 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 47 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 $31 million, or 25 cents per share.

The private prison operator, based in Boca Raton, Florida, posted revenue of $577.1 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $584.8 million.

For the current quarter ending in October, Geo Group expects its per-share funds from operations to range from 61 cents to 63 cents.

The company said it expects revenue in the range of $554 million to $559 million for the fiscal third quarter.

Geo Group expects full-year funds from operations in the range of $2.50 to $2.54 per share, with revenue expected to be $2.24 billion.

The company's shares have increased 17 percent since the beginning of the year. The stock has increased 30 percent in the last 12 months.

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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 GEO at https://www.zacks.com/ap/GEO

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Keywords: Geo Group, Earnings Report