Caesars Entertainment (NASDAQ:CZR) posted its quarterly earnings results during the afternoon, bringing in income from operations that nearly doubled year-over-year, while sales also increased, helping to lift CZR stock more than 4% after hours Wednesday.
The Las Vegas, Nevada-based company said that for its first quarter of its fiscal 2019, it amassed a net loss attributable to Caesars of $217 million, or 32 cents per share. The brand’s income from operations increased roughly 92% year-over-year, reaching $240 million.
Caesars Entertainment also raked in non-GAAP hold adjusted EBITDAR of $562 million, an 8.5% increase when compared to the year-ago quarter. The company’s net revenues tallied up to $2.12 billion, gaining about 7.3% when compared to the same period in its fiscal 2018.
The brand’s non-GAAP hold adjusted net revenues tallied up 5.6% year-over-year, reaching $2.11 billion. “Caesars delivered another solid quarter of revenue and EBITDAR growth, as well as margin improvement,” said Eric Hession, Caesars Entertainment Executive Vice President and Chief Financial Officer.
“We realized strong contributions from the Las Vegas gaming and hotel businesses, and Centaur, in addition to further operating and corporate efficiencies,” he added. “These results were partially offset by the impact of competition in Atlantic City, and weather-related property closures. In addition, we generated strong cash flow from operations, which allowed us to pay off our $100 million revolver balance.”
CZR stock surged roughly 4.4% after the bell on Wednesday, propelled by a strong quarterly performance on the earnings and revenue front. Shares had been sliding 2.8% during regular trading hours today.
More From InvestorPlace
- 7 Stocks to Buy That Ought to Buy Back Shares
- 7 Stocks That Are Soaring This Earnings Season
- 7 A-Rated Stocks That Are Under $10
The post Caesars Entertainment Earnings: CZR Stock Surges as Q1 Sales Gain 7% appeared first on InvestorPlace.