BOCA RATON, Fla.—GEO Group Inc., which operates correctional and mental health facilities, said Thursday that first-quarter earnings more than doubled as revenue surged in the company's international services and long-term health care units.
Earnings for the quarter ended March 30 rose to $12.4 million, or 24 cents per share, from $5.3 million, or 12 cents per share, a year ago.
Excluding discontinued operations, startup expenses and other one-time items, earnings totaled $13.6 million, or 26 cents per share, compared with $9 million, or 21 cents per share, in the prior year.
Revenue rose 16 percent to $275 million, from $237 million in the first quarter of 2007.
Analysts surveyed by Thomson Financial, who generally exclude discontinued operations and one-time items, forecast first-quarter earnings of 26 cents per share on revenue of $257.9 million.
Geo said U.S. corrections revenue increased 9 percent to $179.4 million. First-quarter international services revenue jumped 21 percent to $34.7 million. Revenue for the company's GEO Care unit, which manages mental health hospitals and long-term care facilities, surged 42 percent to $31.3 million.
