MGM Misses 4Q Profit Forecasts
LAS VEGAS (AP) — MGM Resorts International (MGM) on Thursday reported fourth-quarter net income of $24.7 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Las Vegas-based company said it had net income of 4 cents. Earnings, adjusted for non-recurring costs, came to 11 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The casino and resort operator posted revenue of $2.46 billion in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $2.44 billion.
For the year, the company reported net income of $1.1 billion, or $1.92 per share, swinging to a profit in the period. Revenue was reported as $9.46 billion.
MGM shares have risen almost 3 percent since the beginning of the year. The stock has climbed 55 percent in the last 12 months.