Market Features
Cornell Cos. Lowers Fiscal 2009 Outlook
HOUSTON (AP) — Shares of Cornell Cos. slipped on Wednesday, after the correctional facility company lowered its fiscal 2009 profit outlook mostly below Wall Street expectations, expecting a facility to remain empty for the year.
Shares slipped $2.57, or 13.6 percent, to $16.32 in afternoon trading. Cornell said the Georgia Department of Corrections won't start using an expanded facility at D. Ray James Prison in Georgia. Prior yearly guidance of $1.70 to $1.78 per share assumed that the 700-bed expansion at the prison would start to ramp at the start of the third quarter. The company now expects full-year earnings between $1.62 and $1.70 and reaffirmed it sees second-quarter earnings between 42 cents and 46 cents per share. Analysts polled by Thomson Reuters expect earnings of 44 cents for the second quarter and $1.70 per share for the year. As of March 31, the company had 70 facilities nationwide.TheStreet Premium Services
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