MGM Resorts International Earnings: Here’s Why Investors are Happy Now
MGM Resorts International (NYSE:MGM) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 5.91%.
MGM Resorts International Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased to $0.01 in the quarter versus EPS of $-0.09 in the year-earlier quarter.
Revenue: Rose 2.82% to $2.35 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: MGM Resorts International reported adjusted EPS income of $0.01 per share. By that measure, the company beat the mean analyst estimate of $-0.1. It beat the average revenue estimate of $2.34 billion.
Quoting Management: “Our first quarter 2013 results are the best we have reported since the beginning of the downturn five years ago, led by improved results at our Las Vegas Strip resorts, a record first quarter at MGM China and an all-time record at CityCenter,” said Jim Murren, MGM Resorts International Chairman and CEO. “MGM Resorts International returned to profitability in the quarter and we are excited about our future.”
Key Stats (on next page)…
Revenue increased 2.51% from $2.29 billion in the previous quarter. EPS increased to $0.01 in the quarter versus EPS of $-0.23 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a loss of $0.06 to a loss $0.04. For the current year, the average estimate has moved up from a loss of $0.35 to a loss of $0.29 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)