MGM Resorts (NYSE:MGM) earnings for the hotel and entertainment company’s fourth quarter of 2019 have MGM stock heading lower after markets closed on Wednesday. This comes after reporting adjusted earnings per share (EPS) of 8 cents on revenue of $3.19 billion. Wall Street was looking for the company to report EPS of 26 cents and revenue of $3.19 billion.
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Now it’s time to take a more thorough look at the most recent MGM Resorts earnings report.
- Adjusted per-share earnings for the quarter are a switch from its losses per share of -3 cents in Q4 2018.
- Revenue is sitting 4.59% higher than the $3.05 billion reported during the same period of the year prior.
- Operating income of $2.96 billion is a 781.63% increase YoY from $335.75 million.
- The MGM Resorts earnings report also has it bringing in a net income of $2.07 billion.
- That’s a 35,837.50% jump compared to the company’s net income of $5.76 million from the same time last year.
Jim Murren, chairman and CEO of MGM Resorts, said this about the Q4 MGM stock earnings report:
“Our fourth quarter results were below our expectations, primarily due to lower than expected hold, weakness in Far East baccarat, and certain one-time items. All other dimensions of our business in Las Vegas performed on or ahead of plan.”
The MGM Resorts earnings report also has it withdrawing its outlook for 2020. That’s due to the company expecting several headwinds. This includes the coronavirus from China and “market-wide weakness in Far East baccarat in Las Vegas.”
MGM stock closed out the day up 2.90%. However, the stock was down more than 3% after-hours Wednesday
As of this writing, William White did not hold a position in any of the aforementioned securities.