Private prison profits surge under Trump immigration crackdown
Geo Group announced a $300 million share repurchase programme following a $29.1 million quarterly profit, reversing last year's $32.5 million loss.
Revenue grew 4.8% to $636.2 million as the company added thousands of detention beds nationwide to meet ICE demand.
Executive Chairman George Zoley acknowledged logistical hurdles in ICE's plan to hire 10,000 staff, calling it 'very expensive and very complicated.'
The Florida-based firm expects four new facilities to generate $240 million annually when fully operational in 2026.
Another 5,900 idle beds across six locations could produce $310 million yearly if utilised by immigration authorities.
Zoley noted Republican-led states like Florida and Texas are cooperating to address ICE's projected need for 100,000 detention beds.
Congress recently tripled ICE's four-year detention budget to $45 billion under Trump's fiscal package.
CoreCivic, another major prison operator, also raised financial targets after quarterly profits more than doubled to $38.5 million.
Geo Group shares closed 2.6% higher following the earnings report. - AFP
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