CoreCivic reported net income of $25.1 million, or $0.23 per diluted share, for the first quarter of 2025, significantly up from $9.5 million, or $0.08 per diluted share, in Q1 2024. The company's Q1 occupancy reached 77.0% of available capacity, an increase from 75.2% in the prior year, driven by cost management and increased bed utilization.
The company has begun re-activating three previously idle facilities under agreements with U.S. Immigration and Customs Enforcement (ICE), including the Dilley Immigration Processing Center, Midwest Regional Reception Center, and California City Immigration Processing Center. Initial populations began arriving at Dilley in early April, ahead of schedule.
CoreCivic has increased its capital expenditures for potential facility activations and transportation services to $65.0 million to $70.0 million for 2025, an increase of $25 million from prior guidance. This investment aims to prepare a wider range of facilities to quickly accept populations, reflecting confidence in continued robust contracting activity.
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