How did CXW's Q1 2024 EPS outperform forecasts?

CoreCivic's (NYSE:CXW) Q1 2024 EPS outperformed forecasts due to several key factors:

1. **Higher Occupancy and Per Diem Rates**: CoreCivic saw increased occupancy rates in its facilities, which directly impacted revenue. The company reported a 75.2% occupancy rate in Q3 2024, up from 72.0% in Q3 2023. This increase in occupancy, coupled with higher per diem rates, contributed significantly to the revenue surpassing analyst estimates.
2. **Strategic Cost Management**: CoreCivic has been effective in managing costs, which has been reflected in its financial performance. The company's adjusted net income rose to $22.4 million, or $0.20 per diluted share, in Q3 2024, compared to $15.6 million, or $0.14 per diluted share, in the same period last year. This improvement in net income, despite the increase in revenue, indicates effective cost management practices.

In summary, CoreCivic's Q1 2024 EPS outperformance can be attributed to a combination of higher occupancy rates, better per diem pricing, and strategic cost management. These factors collectively contributed to the company's robust financial performance, surpassing market expectations.