Geo Group announced a $300 million share repurchase programme following a $29.1 million quarterly profit, reversing last year’s $32.5 million loss.
Executive Chairman George Zoley acknowledged logistical hurdles in ICE’s plan to hire 10,000 staff, calling it “very expensive and very complicated.”
Another 5,900 idle beds across six locations could produce $310 million yearly if utilised by immigration authorities.
Congress recently tripled ICE’s four-year detention budget to $45 billion under Trump’s fiscal package.
Geo Group shares closed 2.6% higher following the earnings report. - AFP
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