10:18 AM EDT, 06/11/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and the first paragraph.)

CoreCivic's ( CXW ) shares were down more than 18% in recent Tuesday trading, a day after the company said it is suspending its full year 2024 guidance following a notification from US Immigration and Customs Enforcement saying the agency intends to terminate an inter-governmental service agreement with the company.

There are "cost uncertainties associated with the closure," the company said.

It estimates an annualized cut to earnings per share of about $0.38 to $0.41 due to the termination. The average analyst EPS estimate compiled by Capital IQ is $0.56 GAAP and $0.73 normalized for the year.

The agreement was between CoreCivic ( CXW ) and ICE for services at the South Texas Family Residential Center initially opened during the Obama-Biden administration.

The revenue to the company from the facility was $156.6 million for the year ended Dec. 31 and $39.3 million for Q1 ended March 31.

Price: 12.10, Change: -2.69, Percent Change: -18.19