Wynn Resorts Earnings: Net Income Declines Year-Over-Year
S&P 500 (NYSE:SPY) component Wynn Resorts Limited (NASDAQ:WYNN) reported its results for the first quarter. Wynn Resorts is a developer, owner and operator of destination casino resorts. It owns and operates three: Wynn Las Vegas, Encore at Wynn Las Vegas, and Wynn Macau.
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Wynn Resorts Earnings Cheat Sheet for the First Quarter
Results: Net income for the gaming fell to $140.6 million ($1.23 per share) vs. $173.8 million ($1.39 per share) a year earlier. This is a decline of 19.1% from the year-earlier quarter.
Revenue: Rose 4.2% to $1.31 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Wynn Resorts Limited reported adjusted net income of $1.33 per share. By that measure, the company fell short of mean estimate of $1.40 per share. Analysts were expecting revenue of $1.33 billion.
Revenue has risen for the last four quarters. Revenue increased 8.6% to $1.34 billion in the fourth quarter of the last fiscal year. The figure rose 29.1% in the third quarter of the last fiscal year from the year earlier and climbed 32.4% in the second quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of $1.55 versus a mean estimate of net income of $1.26 per share.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is $1.65 per share, up from $1.51 ninety days ago. The average estimate for the fiscal year is $6.07 per share, a rise from $5.64 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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