Corrections Corp. of America 1Q earnings 28 cents a share; revenue rises

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NEW YORK, May 06, 2008 (Thomson Financial via COMTEX) -- CXW | news | PowerRating | PR Charts -- Corrections Corp. of America Tuesday reported first-quarter net income of $35 million, or 28 cents a share, topping by 1 cent the mean estimate of analysts polled by Thomson Reuters for profit of 27 cents a share.

Revenue rose to $388.4 million from $350.5 million a year earlier, beating Wall Street's $386.6 million estimate.

The company expects earnings of 28 cents to 30 cents a share for the second quarter and full-year earnings of $1.21 to $1.28 a share.

Analysts are expecting second-quarter earnings of 29 cents a share and full-year earnings of $1.25 a share.

Corrections also said it expects to invest $495.4 million in capital expenditures in 2008, consisting of about $450 million in prison construction and expansions, $31.9 million in maintenance capital expenditures and $13.5 million in information technology.

Corrections shares closed at $25.77 on Monday. Christie Rizk cr/pc

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