MGM Resorts (MGM) Tops Q2 EPS by 6c
8:04 AM ET, 08/04/2015 - StreetInsider
MGM Resorts (NYSE: MGM) reported Q2 EPS of $0.17, $0.06 better than the analyst estimate of $0.11. Revenue for the quarter came in at $2.39 billion versus the consensus estimate of $2.38 billion.
Key results for the second quarter of 2015 include the following:Net revenue at the Company's wholly owned domestic resorts was $1.7 billion, an increase of 4% compared to the prior year quarter;Rooms revenue at wholly owned domestic resorts increased 6% with a 6% increase in REVPAR(1) at the Company's Las Vegas Strip resorts compared to the prior year quarter;The Company's wholly owned domestic resorts earned Adjusted Property EBITDA(2) of $458 million, an 11% increase compared to the prior year quarter;Adjusted Property EBITDA margin for wholly owned domestic resorts increased 158 basis points to 26.9% in the current year quarter;MGM China's net revenue was $557 million and Adjusted EBITDA was $132 million, decreases of 33% and 37%, respectively, compared to the prior year quarter; andCityCenter's Adjusted EBITDA related to resort operations was $84 million, a 4% increase compared to the prior year quarter.
"We are continuing to drive increased profits at MGM Resorts with second quarter wholly owned Adjusted Property EBITDA up 11% driven by growth at our Las Vegas and regional resorts. These resorts are continuing to gain operating momentum while we continue to make significant progress on our development pipeline in Cotai, Maryland, and Massachusetts," said Jim Murren, Chairman & CEO of MGM Resorts International. "We are focused on positioning the Company for future growth, and are pleased to announce the implementation of our Profit Growth Plan to further enhance our business practices and profitability."
Asian equities posted a mixed open on Monday, with investors encouraged by signs of a compromise in Greece's debt talks with its creditors.
Evercore ISI maintained a Buy rating on Facebook, while raising the price target from $95 to $105. Sena believes that the Instant Articles initiative could add $1.5bn in revenue to Facebook in 2019. The revenue estimate for 2016 has been raised by $600mm to $23.1bn, while the EBITDA estimate has been raised by 3 percent to $14.9bn.
Main Street Capital (MAIN) Tops Q2 EPS by 1c
4:06 PM ET, 08/06/2015 - StreetInsider
Main Street Capital (NYSE: MAIN) reported Q2 EPS of $0.55, $0.01 better than the analyst estimate of $0.54.
CONTINUED... from the Group of Seven rich nations in Dresden, Germany, on Friday.
The United States warned of a possible accident for the world economy if Greece and its creditors miss their June deadlines to avert a debt default.
In an interview with Realnews newspaper published on Saturday, Economy Minister George Stathakis said Athens had no alternative plan.
"The idea of a Plan B doesn't exist. Our country needs to stay in the eurozone but on a better organized aid program," he said.
Stathakis was confident a deal will be reached. "Otherwise, mainly Greece but the European Union as well will step into unchartered waters and no-one wants that."
Rosenblatt raises their NQ tgt to $13 from $10 as they are seeing big improvements in NQ Mobile's new mgmt execution capability and internal operations in the last two quarters. Firm believes co will be more aggressively and committed to buying back stock. Firm also believe Showself, as the core business of NQ, will become a growth driver and we model $90M in rev and $17M in net profit in 2016; also, firm expects $180M in revenue and $40M in net profits in 2017. Showself currently has 4.1M monthly active users, 10 times more than a year ago.