CoreCivic appoints new president and COO

BRENTWOOD, Tenn. - CoreCivic, Inc. (NYSE: NYSE:CXW), a diversified government solutions company with a market capitalization of $2.41 billion and current stock price of $21.88, announced the appointment of Patrick Swindle as President and Chief Operating Officer, effective January 1, 2025. According to InvestingPro data, the company has demonstrated strong performance with a 52.37% return over the past year. Swindle, who has been with the company since 2007, will take over the role from Damon T. Hininger, who will continue to serve as Chief Executive Officer.

Swindle's promotion comes after a tenure that included roles such as Managing Director of Treasury, Vice President of Strategic Development, and Senior Vice President of Operations. His most recent position was Executive Vice President and Chief Operating Officer. Hininger praised Swindle's leadership skills and in-depth knowledge of the company, expressing confidence in his ability to lead CoreCivic through a period of anticipated rapid growth.

Swindle expressed gratitude for the opportunity and emphasized his commitment to delivering mission-critical services in his new role. Prior to joining CoreCivic, he spent a decade in equity research, working with firms such as SunTrust Equitable Securities, Raymond (NS:RYMD) James Financial (NYSE:RJF) Services, Inc., and Avondale Partners, LLC. He holds a bachelor's degree in finance from Western Kentucky University.

CoreCivic is known for providing high-quality corrections and detention management, residential and non-residential alternatives to incarceration, and government real estate solutions. As the nation's largest owner of partnership correctional, detention, and residential reentry facilities, CoreCivic plays a significant role in the private sector's involvement with government agencies. The company maintains strong financial health with a "GOOD" overall rating from InvestingPro, generating annual revenue of $1.97 billion and achieving a perfect Piotroski Score of 9, indicating excellent operational efficiency.

The press release also contains forward-looking statements regarding the company's future growth and performance, which are subject to risks and uncertainties that may cause actual results to differ materially. Notably, InvestingPro analysts have set price targets ranging from $25 to $32, with five analysts recently revising earnings estimates upward for the upcoming period. CoreCivic advises that these forward-looking statements are based on current expectations and could be affected by various factors detailed in their SEC filings.

This leadership change announcement is based on a press release statement from CoreCivic, Inc.

In other recent news, CoreCivic has been the focus of multiple analyst upgrades and positive earnings reports. The company's shares were recently upgraded from Neutral to Outperform by Wedbush, with an increased price target of $30.00. This upgrade was spurred by the potential reactivation of CoreCivic's South Texas contract, a significant contributor to the company's EBITDA. Similarly, Jones Trading upgraded CoreCivic's stock rating from Hold to Buy, reflecting anticipated growth opportunities due to recent political shifts.

Recent financial reports show CoreCivic exhibiting robust performance. In the third quarter of 2024, the company reported a 2% revenue increase to $491.6 million, attributed to state revenue growth and improved occupancy rates. CoreCivic's normalized funds from operations (FFO) per share also saw a 23% rise to $0.43, despite increased general and administrative costs.

Furthermore, CoreCivic has updated its 2024 financial guidance, expecting an adjusted EPS between $0.69 and $0.75 and normalized FFO per share between $1.59 and $1.65. The company has also repurchased 4 million shares and maintains a total liquidity of $365 million, with no debt maturities until 2027. These developments provide a snapshot of CoreCivic's current financial health and future expectations as per the analysts' analysis.

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