Welcome to our dedicated page for Geo Group news (Ticker: GEO), a resource for investors and traders seeking the latest updates and insights on Geo Group stock.
The news feed for The GEO Group, Inc. (NYSE: GEO) focuses on company announcements, financial results, contract awards, and regulatory developments related to its role as a diversified government service provider. GEO’s disclosures describe its specialization in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States and internationally.
Readers following GEO news can expect regular updates on earnings releases, financial guidance, and capital structure actions such as amendments to its revolving credit facility and share repurchase authorizations. Recent press releases have detailed quarterly results, changes in leverage and liquidity, and decisions by the Board of Directors regarding stock repurchase programs.
GEO’s news also highlights major contract activity with government agencies. This includes multi-year agreements with U.S. Immigration and Customs Enforcement for immigration processing centers, electronic monitoring, case management, and supervision services under the Intensive Supervision Appearance Program, as well as skip tracing services. Additional coverage includes contracts with the U.S. Marshals Service for secure transportation and detention capacity, and managed-only contracts with the Florida Department of Corrections for correctional and rehabilitation facilities.
Facility transactions and operational developments are another recurring theme, such as the sale of the Lawton Correctional Facility in Oklahoma, the acquisition of the Western Region Detention Facility in San Diego, and the activation or reactivation of ICE processing centers in multiple states. Legal and regulatory updates, including litigation related to detainee work programs and appellate decisions, are also disclosed through GEO’s news releases.
Investors and observers can use this news page to review GEO’s own descriptions of its business performance, contract pipeline, legal matters, and strategic actions affecting its secure services, reentry services, and electronic monitoring operations.
The GEO Group, Inc. (NYSE:GEO) has announced the rescheduling of its second quarter 2022 earnings release to August 2, 2022, prior to market opening. The related conference call will occur on the same day at 11:00 AM ET. Key executives, including George C. Zoley and Jose Gordo, will lead the call. Participants can join via U.S. and international numbers provided. A live audio webcast will be accessible on GEO's investor relations webpage, with a replay available for a year. Telephonic replays will be available until August 16, 2022.
The GEO Group, Inc. (NYSE:GEO) is set to release its second quarter 2022 financial results on
The GEO Group, Inc. (NYSE:GEO) has launched Exchange Offers for its 5.125% Senior Notes due 2023 and 5.875% Senior Notes due 2024. The company aims to exchange these for newly issued 10.500% Senior Second Lien Secured Notes maturing June 30, 2028. Holders can receive cash or new notes for their tendered Old Notes. The Exchange Offers expire on August 16, 2022. GEO has secured the support of significant holders who represent 41% and 65% of the 2023 and 2024 Notes, respectively, for the proposed amendments needed for the exchange.
The GEO Group, Inc. (NYSE: GEO) announced proposed transactions aimed at addressing approximately $2.0 billion in outstanding debt maturities due in 2023, 2024, and 2026. These transactions involve a binding support agreement with creditors and could restructure GEO's debt payments significantly. After completion, expected maturities will be reduced to around $170 million in 2023, $430 million in 2024, and $340 million in 2026. GEO aims to use at least 80% of its free cash flow for debt repayment, improving its financial position and preserving shareholder value.
The GEO Group, a leader in secure facility services, reported Q1 2022 results with total revenues of $551.2 million and net income of $38.2 million ($0.26 per share), a decline from $50.5 million in Q1 2021. Adjusted EBITDA rose to $125.2 million, compared to $108.5 million last year. The company reduced net recourse debt by approximately $80 million in the quarter, totaling $330 million since 2020. Updated guidance for 2022 forecasts annual revenues of $2.2 billion with net income between $145 million and $157 million.
The Geo Group, Inc. (NYSE:GEO) is set to release its first-quarter financial results for 2022 on May 3 before the market opens. A conference call will follow at 11:00 AM ET on the same day, featuring key executives including the CEO and CFO. Interested participants can join the call by dialling designated numbers or access a live audio webcast on GEO's investor relations page. A replay of the call will be available until May 17, 2022.
The GEO Group reported a net loss of $49.8 million or ($0.41) per diluted share for Q4 2021, influenced by a $70.8 million one-time tax charge. Total revenues amounted to $557.5 million, a decline from $578.1 million year-over-year. Despite this, Adjusted Net Income rose to $45.5 million, or $0.38 per diluted share, up from $39.3 million in Q4 2020. For 2021, total revenues were $2.26 billion, down from $2.35 billion in 2020. The company expects 2022 revenues of approximately $2.17 billion, with net income in the range of $0.99 to $1.07 per diluted share.
The GEO Group, Inc. (NYSE:GEO) is set to release its fourth quarter 2021 financial results on February 17, 2022, before the market opens. A conference call to discuss the results will follow at 11:00 AM Eastern Time on the same day. Key executives including CEO Jose Gordo and CFO Brian R. Evans will host the call. Investors can join by dialing U.S. number 1-877-250-1553 or international number 1-412-542-4145. A live audio webcast and a replay of the call will be accessible via GEO's investor relations website.
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The GEO Group (NYSE: GEO) announced its Board of Directors has approved a plan to terminate its Real Estate Investment Trust (REIT) status, transitioning to a taxable C corporation effective for the fiscal year ending December 31, 2021. This decision aims to enhance flexibility in debt management, following a reduction of approximately $275 million in net recourse debt over the past two years. However, this restructuring will incur a one-time non-cash deferred tax charge of approximately $75 million and an expected loss in Net Income of $69 million for Q4 2021.
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