09:40 AM EDT, 08/07/2024 (MT Newswires) -- GEO Group ( GEO ) shares were down 5.6% in recent Wednesday trading after the company reported lower-than-expected Q2 results and cut its guidance for 2024 adjusted net income.

The government service provider reported Q2 adjusted net income early Wednesday of $0.23 per diluted share, down from $0.24 a year earlier.

Four analysts polled by Capital IQ expected $0.26.

Revenue for the quarter ended June 30 was $607.2 million, up from $593.9 million a year earlier.

Analysts surveyed by Capital IQ expected $607.6 million.

The company said it expects 2024 adjusted net income of $0.82 to $0.93 per diluted share, compared with its prior guidance of $0.87 to $1.02.

Four analysts polled by Capital IQ expect $1.

Revenue for the year is expected to be $2.44 billion, compared with previous guidance for $2.4 billion.

Analysts surveyed by Capital IQ expect $2.44 billion.

Price: 12.12, Change: -0.72, Percent Change: -5.57