U.S. Markets closed

MGM: 4Q Earnings Snapshot

LAS VEGAS (AP) _ MGM Resorts International (MGM) on Wednesday reported fourth-quarter net income of $2.01 billion, after reporting a loss in the same period a year earlier.

On a per-share basis, the Las Vegas-based company said it had profit of $3.91. Earnings, adjusted for non-recurring gains, came to 8 cents per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The casino and resort operator posted revenue of $3.19 billion in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $3.21 billion.

For the year, the company reported profit of $2.05 billion, or $3.88 per share. Revenue was reported as $12.9 billion.

MGM shares have climbed 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $33.66, an increase of 17% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGM at https://www.zacks.com/ap/MGM