Corp. Of America Q2 Adj. Profit Tops View - Quick Facts

(RTTNews) - Corp. of America, or CCA, (CXW) Wednesday reported second-quarter funds from operations, or FFO, of $79.4 million, compared to $40.5 million in the same period last year. Normalized FFO for the quarter totaled $79.4 million or $0.68 per share.

Net income for the latest second quarter was $55.7 million or $0.48 per share, compared to $20.4 million or $0.19 per share in the comparable quarter last year.

Adjusted earnings for the quarter was $58.0 million, or $0.49 per share, up from $57.1 million, or $0.52 per share, in the prior year quarter. On average, four analysts polled by Thomson Reuters expected the company to earn $0.46 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted FFO for the quarter was $79.6 million or $0.68 per share.

Revenues dropped to $410.69 million from $425.01 million last year. Analysts expected revenues of $407.99 million.

Looking ahead to the third-quarter, the company has forecast adjusted earnings in the range of $0.46 to $0.48 per share. Analysts currently expect second-quarter earnings of $0.49 per share.

For the fiscal 2014, the company now expects adjusted earnings to be in a range of $1.87 to $1.93 per share, FFO in the range of $2.59 to $2.65 per share and AFFO per share to be in the range of $2.53 to $2.58. Analysts currently expect full-year earnings of $1.88 per share.

Earlier, the company expected fiscal 2014 earnings to be in a range of $1.84 to $1.92 per share, FFO in the range of $2.56 to $2.64 per share and AFFO per share to be in the range of $2.49 to $2.58.