Melco Resorts (MLCO) Q1 Earnings Top, Sales Lag Estimates
Melco Resorts & Entertainment Limited MLCO operates casino gaming and entertainment resort facilities primarily in Asia.
Per the Macau Gaming Inspection and Coordination Bureau, gross gaming revenues (GGR) rose in all the three months of the quarter, indicating that the Macau market might be on the recovery path. The company’s performance in the region is thus poised to get a boost aided by the improved operating environment therein.
Investors should note that the consensus estimate for MLCO has witnessed upward revisions over the past 7 days. The company posted positive earnings surprises in two of the last four quarters, with an average beat of 50.4%.
MLCO currently has a Zacks Rank #3 (Hold) but that could change following Melco Resorts’ earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: MLCO beats on earnings. The consensus earnings estimate called for earnings per share of 28 cents, and the company reported earnings of 34 cents per share.
Revenues: MLCO reported revenues of $1,313.1 million. This marginally missed the consensus estimate of $1,323.6 million.
Key Stats to Note: Adjusted Property EBITDA was $401.8 million in the first quarter of 2017, up 13.7% year over year.
Check back for our full write up on this MLCO earnings report later!
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Melco Resorts & Entertainment Limited (MLCO): Free Stock Analysis Report
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