New York, NY - Shares of Corrections Corp. of America hit a new 52-week high Wednesday, after the company said its first-quarter profit beat analyst expectations and predicted that its second-quarter and full-year 2006 results would, too.

Shares of Corrections Corp., which provides prison management services to government agencies, were up $4.88, or 11 percent, to $49.21 in morning trading on the New York Stock Exchange. Earlier in the day, the stock hit $49.38, topping a previous year high of $46.29 hit in January.

Corrections Corp. said it earned $21.3 million, or 52 cents per share in the quarter, compared to a loss of $8.9 million, or 24 cents per share, for the same quarter in 2005.

Excluding refinancing charges of $1 million in the 2006 quarter and $35 million in the 2005 quarter, Corrections Corp. earned $21.9 million, or 54 cents per share in the quarter, compared to $14 million, or 35 cents per share, in the year-ago period.

Revenue grew to $316 million from $280.9 million in the 2005 quarter. The adjusted results came in significantly ahead of Wall Street expectations. Analysts polled by Thomson Financial had expected a profit of 48 cents per share on revenue of $308.5 million.

Corrections Corp. said the quarter's results were boosted by the commencement in June 2005 of a contract to manage the Northeast Ohio Correctional Center, as well as increased inmate populations at four of the company's facilities.

The company said it expects second-quarter earnings of 55 cents to 59 cents per share and a full-year 2006 profit of $2.20 to $2.27 per share, excluding items.

Analysts expect second-quarter earnings of 52 cents per share and 2006 earnings of $2.15 per share, excluding extraordinary items.