Business Briefs: CCA revenue rose 6 per cent in 3rd quarter
November 5, 2009
Nashville-based private prison operator Corrections Corp of America posted a quarterly profit that beat market estimates Wednesday, helped by a rise in inmate populations in California and Arizona
The company also forecast fourth-quarter earnings pretty much in line with analysts' expectations.
For the third quarter, CCA reported net income of $45.3 million, or 39 cents a share, compared with $37.9 million, or 30 cents a share, in the same period a year earlier. Revenue reflecting the company's 65 prison facilities rose 6 per cent to $426M for the quarter.
CCA stock closed at $25.49, up 33 cents.
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