MGM Resorts International has reported a decrease in its first quarter profit compared to the same period from the previous year, although the results did exceed Wall Street predictions.
The net income for the company was $217.48 million, earning $0.67 per share. This marks a significant drop from last year's first quarter earnings of $466.81 million, $1.24 per share.
However, when taking into consideration certain items, MGM Resorts International's adjusted earnings stood at $0.74 per share for this period.
Financial analysts had predicted the company would make a profit of $0.56 per share on average, these estimations generally exclude special items. The company surpassed these expectations.
The quarterly revenue for MGM Resorts International increased by 13.2% to $4.38 billion, rising from $3.87 billion in the previous year.
To sum up, MGM Resorts International's first quarter earnings as represented in GAAP are as follows:
- Net income is $217.48 million, compared to $466.81 million from the previous year.
- Earnings Per Share stand at $0.67 as opposed to $1.24 in the prior year.
- Revenue for this quarter is at $4.38 billion, in contrast with last year's figure of $3.87 billion.
