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Why The GEO Group Inc. (GEO) stock went up in the after-market on Thursday?

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The GEO Group Inc. (GEO) shares jumped 14.58% in after-hours on Thursday, June 17, 2021, to close at $8.25 per share. Earlier, GEO’s stock lost 1.37% in Thursday’s morning session and reached $7.20 per share. GEO shares have fallen 40.84% over the last 12 months, and they have moved up 2.13% in the past week. Over the past three months, the stock has lost 9.66%, while over the past six months, it has shed 24.84%.

Recent new appointments

On June 1, 2021, GEO’s Chairman, Chief Executive Officer, and Founder, George C. Zoley, will move to the position of Executive Chairman of GEO’s Board of Directors under a new five-year employment agreement with subsequent automatic one-year renewals. The company also appointed Jose Gordo Chief Executive Officer effective July 1, 2021, and he will be reporting to MrZoley.

Latest financial results

On May 10, 2021, The GEO Group Inc announced its financial results for the first quarter of 2021 and updated its financial guidance for the full year 2021.

Q1 2021 financial highlights

  • The GEO Stock reported total revenue of $576.4 million for Q1 2021 compared to $605.0 million for the first quarter of 2020.
  • For first-quarter 2021 net income attributable to GEO was $50.5 million, or $0.41 per diluted share, compared to $25.2 million, or $0.21 per diluted share, for the first quarter of 2020.
  • In Q1 2021, adjusted net income was $0.28 per diluted share compared to $0.24 per diluted share in Q1 2020.
  • Net Operating Income of $152.3 million in Q1 2021 compared to $150.18 million in Q1 2020.
  • For Q1 2021, Normalized Funds From Operations was$53.1 million, or $0.44 per diluted share, compared to $47.2 million, or $0.39 per diluted share, for the first quarter of 2020.
  • Adjusted Funds from Operations was $72.2 million, or $0.60 per diluted share in Q1 2021, compared to $66.6 million, or $0.55 per diluted share, for the first quarter of 2020.
  • As of March 31, 2021, the company had cash and cash equivalents of $289.4 million.

2021 Financial outlook

The company has updated its financial outlook for FY 2021 and now expecting

  • Revenue to be between $2.23-$2.25 billion for FY 2021
  • Net Income Attributable to GEO Stock in the range of $141-$150 million
  • Adjusted EBITDA in the range of $395-$406 million for FY 2021.
  • AFFO in the of $2.23-$2.31 per diluted share for FY 2021

Conclusion

The GEO stock surging in the after-hours on Thursday has no grounds. As of this writing, there is no recent news or development about GEO stock. So it is hard to predict how GEO will end the current week.

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