* Q1 EPS $0.34 vs est $0.33
* Revenue rise 11 pct, edges past est
* Sees 2010 pro forma EPS $1.40-$1.48
* Cuts upper end of 2010 revenue view
May 5 Geo Group Inc (GEO.N) posted
better-than-expected quarterly results, helped by a strong
performance at its international services business, prompting
the prison operator to raise its 2010 earnings outlook.
For 2010, the company now sees adjusted earnings of $1.40
to $1.48 a share, up from its prior view of $1.36 to $1.46 a
It, however, cut the upper end of its full-year revenue
outlook range to $1.12 billion from $1.13 billion. It sees
revenue of at least $1.10 billion.
Analysts on average were expecting 2010 earnings of $1.42 a
share, before items, on revenue of $1.13 billion, according to
Thomson Reuters I/B/E/S.
For the first quarter, Geo Group, which agreed to buy rival
Cornell Cos CRN.N for about $374 million in cash and stock in
April, earned $17.7 million, or 34 cents a share, compared with
$14.7 million, or 28 cents a share, a year ago.
Revenue at the company, which also has operations in the UK
and Australia, rose 11 percent to $287.5 million, helped by a
79 percent surge in international services revenue.
Analysts expected the company, which competes with larger
rival Corrections Corp of America (CXW.N), to earn 33 cents a
share, on revenue of $287.1 million.
Shares of Boca Raton, Florida-based Geo Group closed at
$21.25 Tuesday on the New York Stock Exchange.
(Reporting by Renju Jose in Bangalore; Editing by Anne