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PlayAGS (AGS) Posts Breakeven Q4 Earnings, Tops on Revenues
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PlayAGS, Inc. (AGS - Free Report) reported mixed fourth-quarter 2023 results, delivering breakeven earnings that missed the Zacks Consensus Estimate. Quarterly revenues surpassed the consensus mark. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Following the announcement, the company’s shares dropped 0.3% during the after-hours trading session on Mar 5.
Earnings and Revenues
PlayAGS reported breakeven earnings missing the Zacks Consensus Estimate of 2 cents. In the prior-year quarter, the company reported an adjusted EPS 6 cents.
Total revenues of $94.2 million beat the consensus mark of $93.3 million by 0.9%. The top line increased 15.2% on a year-over-year basis. The upside was backed by double-digit growth across all three operating segments.
Segmental Detail
AGS currently operates in three reportable segments — Electronic Gaming Machines or EGM (91.3% of revenue), Table Products (5.1%) and Interactive (3.6%).
EGM: During fourth-quarter 2023, revenues in the segment amounted to $86 million, up 14.1% from the prior-year quarter. The segment’s adjusted EBITDA totaled $38.6 million compared with $34.4 million reported in the year-ago quarter.
Table Products: Revenues from the segment increased 24.1% year over year to $4.8 million. Adjusted EBITDA was $2.8 million compared with $2.4 million reported in the year-ago quarter.
Interactive: Revenues of $3.4 million rose 34.4% from the year-earlier quarter. The segment’s adjusted EBITDA totaled $1.3 million compared with $0.5 million reported in the year-ago quarter.
Operating Highlights
During fourth-quarter 2023, the company’s total operating expenses were $78.1 million, up 14.4% year over year.
Total adjusted EBITDA during the reported quarter amounted to $42.8 million compared with $37.3 million reported in the prior-year quarter. However, the adjusted EBITDA margin contracted 20 bps from the prior year to 45.4%.
2023 Highlights
Total revenues in 2023 amounted to $356.5 million compared with $309.4 million in 2022.
Adjusted EBITDA totaled $159 million compared with $138.6 million a year ago.
Adjusted EPS came in at 1 cent against the loss per share of 22 cents reported in the previous year.
Balance Sheet
As of Dec 31, 2023, the company had cash on hand of $50.9 million compared with $37.9 million at the end of 2022. Long-term debt was $547.5 million, down from $550.1 million at the 2022-end.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The company reported robust demand for its Norwegian Cruise Line brand, with bookings and pricing exceeding 2023 levels. Also, it reported solid demand for Oceania Cruises and Regent Seven Seas Cruises across various geographical regions, except for itinerary adjustments due to cancellations in the Middle East and Red Sea regions.
JAKKS Pacific, Inc. (JAKK - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines missed the consensus estimate after beating in the preceding three quarters.
In the fourth quarter, two out of the company's top three U.S. Toys/Consumer Products managed to achieve positive year-over-year retail sales figures, despite facing challenging comparisons from the previous year. Additionally, the aggregate end-of-year inventory at retail for these three accounts has decreased by a high single-digit percentage compared with the previous year.
Strategic Education, Inc. (STRA - Free Report) , or SEI, reported impressive results for fourth-quarter 2023. Its quarterly earnings and revenues topped the Zacks Consensus Estimate and increased year over year.
Growth across its three segments, led by continued enrollment growth in the U.S. Higher Education (“USHE”), which was driven significantly by employer-affiliated enrollment, strong growth in the Education Technology Services (earlier known as Alternative Learning) and improving performance in Australia/New Zealand (“ANZ”), drove the result.
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PlayAGS (AGS) Posts Breakeven Q4 Earnings, Tops on Revenues
PlayAGS, Inc. (AGS - Free Report) reported mixed fourth-quarter 2023 results, delivering breakeven earnings that missed the Zacks Consensus Estimate. Quarterly revenues surpassed the consensus mark. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Following the announcement, the company’s shares dropped 0.3% during the after-hours trading session on Mar 5.
Earnings and Revenues
PlayAGS reported breakeven earnings missing the Zacks Consensus Estimate of 2 cents. In the prior-year quarter, the company reported an adjusted EPS 6 cents.
PlayAGS, Inc. Price, Consensus and EPS Surprise
PlayAGS, Inc. price-consensus-eps-surprise-chart | PlayAGS, Inc. Quote
Total revenues of $94.2 million beat the consensus mark of $93.3 million by 0.9%. The top line increased 15.2% on a year-over-year basis. The upside was backed by double-digit growth across all three operating segments.
Segmental Detail
AGS currently operates in three reportable segments — Electronic Gaming Machines or EGM (91.3% of revenue), Table Products (5.1%) and Interactive (3.6%).
EGM: During fourth-quarter 2023, revenues in the segment amounted to $86 million, up 14.1% from the prior-year quarter. The segment’s adjusted EBITDA totaled $38.6 million compared with $34.4 million reported in the year-ago quarter.
Table Products: Revenues from the segment increased 24.1% year over year to $4.8 million. Adjusted EBITDA was $2.8 million compared with $2.4 million reported in the year-ago quarter.
Interactive: Revenues of $3.4 million rose 34.4% from the year-earlier quarter. The segment’s adjusted EBITDA totaled $1.3 million compared with $0.5 million reported in the year-ago quarter.
Operating Highlights
During fourth-quarter 2023, the company’s total operating expenses were $78.1 million, up 14.4% year over year.
Total adjusted EBITDA during the reported quarter amounted to $42.8 million compared with $37.3 million reported in the prior-year quarter. However, the adjusted EBITDA margin contracted 20 bps from the prior year to 45.4%.
2023 Highlights
Total revenues in 2023 amounted to $356.5 million compared with $309.4 million in 2022.
Adjusted EBITDA totaled $159 million compared with $138.6 million a year ago.
Adjusted EPS came in at 1 cent against the loss per share of 22 cents reported in the previous year.
Balance Sheet
As of Dec 31, 2023, the company had cash on hand of $50.9 million compared with $37.9 million at the end of 2022. Long-term debt was $547.5 million, down from $550.1 million at the 2022-end.
Zacks Rank
AGS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Consumer Discretionary Releases
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The company reported robust demand for its Norwegian Cruise Line brand, with bookings and pricing exceeding 2023 levels. Also, it reported solid demand for Oceania Cruises and Regent Seven Seas Cruises across various geographical regions, except for itinerary adjustments due to cancellations in the Middle East and Red Sea regions.
JAKKS Pacific, Inc. (JAKK - Free Report) reported fourth-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines missed the consensus estimate after beating in the preceding three quarters.
In the fourth quarter, two out of the company's top three U.S. Toys/Consumer Products managed to achieve positive year-over-year retail sales figures, despite facing challenging comparisons from the previous year. Additionally, the aggregate end-of-year inventory at retail for these three accounts has decreased by a high single-digit percentage compared with the previous year.
Strategic Education, Inc. (STRA - Free Report) , or SEI, reported impressive results for fourth-quarter 2023. Its quarterly earnings and revenues topped the Zacks Consensus Estimate and increased year over year.
Growth across its three segments, led by continued enrollment growth in the U.S. Higher Education (“USHE”), which was driven significantly by employer-affiliated enrollment, strong growth in the Education Technology Services (earlier known as Alternative Learning) and improving performance in Australia/New Zealand (“ANZ”), drove the result.