UPDATE 1-Geo Group Q4 profit beats Street, to buy back shares

* Q4 adj EPS $0.40 vs est $0.39

* Revenue up 21 pct at $310.8 mln

* To buy back $80 mln in common stock

* Sees Q1 EPS $0.32-$0.34

Feb 22 (Reuters) - Prison operator Geo Group Inc (GEO.N) reported a better-than-expected quarterly profit, helped by strong performance across its segments, and said it would buy back up to $80 million in common stock.

The company said the stock repurchase program is effective through March 31, 2011. For the fourth quarter ended Jan. 3, net income fell to $15.5 million, or 30 cents a share, from $16.4 million, or 32 cents a share, a year ago.

Excluding items, it earned 40 cents a share.

Revenue rose 21 percent to $310.8 million.

Analysts on average were looking for a profit of 39 cents a share, on revenue of $311.9 million, according to Thomson Reuters I/B/E/S.

The company forecast first-quarter earnings of 32 cents to 34 cents a share. Analysts were expecting 32 cents a share for the period. [ID:nWNAB9951]

Geo operates 62 correctional and residential treatment facilities in the United States, Australia, South Africa and the UK.

Shares of the Boca Raton, Florida-based company closed at $19.17 Friday on the New York Stock Exchange. (Reporting by Anne Pallivathuckal in Bangalore; Editing by Aradhana Aravindan)