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Caesars Entertainment (CZR) Q3 Earnings Beat Estimates, Stock Up
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Caesars Entertainment, Inc. (CZR - Free Report) reported third-quarter 2022 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. Following the results, shares of the company increased 6.6% during the after-hour trading session on Nov 1.
Tom Reeg, chief executive officer of Caesars Entertainment, stated, “Our f quarter results reflect a new quarterly record for consolidated adjusted EBITDA. Results in the quarter also reflect a new quarterly record for our brick and mortar properties led by a new all-time high third quarter EBITDA performance in our regional segment and continued strength in Las Vegas. Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss driven by improved operating efficiencies.”
Earnings & Revenue Discussion
In the quarter under review, adjusted earnings per share (EPS) came in at 24 cents compared with the Zacks Consensus Estimate of 15 cents. In the prior-year quarter, the company reported an adjusted loss of $1.08 per share.
Net revenues during the quarter came in at $2,887 million, beating the Zacks Consensus Estimate of $2,838 million. In the prior-year quarter, the company reported net revenues of $2,685 million.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
During the third quarter, net revenues from the Las Vegas segment came in at $ 1,077 million compared with $1,017 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $480 million compared with the $500 million reported in the prior-year quarter.
Coming to the Regional segment, net revenues during the quarter came in at $1,530 million compared with $1,492 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $570 million compared with the $554 million reported in the prior-year quarter.
Net revenues from the Caesars Digital segment in the third quarter came in at $212 million compared with $96 million in the prior-year quarter. The segment’s adjusted EBITDA came in at $(38) million compared with the $(164) million reported in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter came in at $210 million, flat year over year. The segment’s adjusted EBITDA came in at $22 million flat year over year.
Balance Sheet
As of Sep 30, 2022, the company’s cash and cash equivalents came in at $944 million compared with $1,070 million as on Dec 31, 2021.
Net debt, as of Sep 30, 2022, stood at $12,368 million compared with $13,253 million as of Dec 31, 2021.
Zacks Rank & Key Picks
Caesars Entertainment has a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Marriott International, Inc. (MAR - Free Report) , Crocs, Inc. (CROX - Free Report) and Live Nation Entertainment, Inc. (LYV - Free Report) .
Marriott sports a Zacks Rank #1. MAR has a trailing four-quarter earnings surprise of 18.6%, on average. The stock has declined 3.1% so far this past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MAR’s current financial year sales and EPS indicates a surge of 46.8% and 104.1%, respectively, from the year-ago period’s reported levels.
Crocs sports a Zacks Rank #1. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have plunged 43.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 49.6% and 20.7%, respectively, from the year-ago period’s levels.
Live Nation carries a Zacks Rank #2. LYV has a trailing four-quarter earnings surprise of 70.7%, on average. The stock has declined 24.6% in the past year.
The Zacks Consensus Estimate for LYV’s current financial year sales and EPS indicates growth of 130.8% and 117.2%, respectively, from the year-ago period’s reported levels.
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Caesars Entertainment (CZR) Q3 Earnings Beat Estimates, Stock Up
Caesars Entertainment, Inc. (CZR - Free Report) reported third-quarter 2022 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. Following the results, shares of the company increased 6.6% during the after-hour trading session on Nov 1.
Tom Reeg, chief executive officer of Caesars Entertainment, stated, “Our f quarter results reflect a new quarterly record for consolidated adjusted EBITDA. Results in the quarter also reflect a new quarterly record for our brick and mortar properties led by a new all-time high third quarter EBITDA performance in our regional segment and continued strength in Las Vegas. Caesars Digital reported strong revenue growth in the quarter and a smaller than expected EBITDA loss driven by improved operating efficiencies.”
Earnings & Revenue Discussion
In the quarter under review, adjusted earnings per share (EPS) came in at 24 cents compared with the Zacks Consensus Estimate of 15 cents. In the prior-year quarter, the company reported an adjusted loss of $1.08 per share.
Net revenues during the quarter came in at $2,887 million, beating the Zacks Consensus Estimate of $2,838 million. In the prior-year quarter, the company reported net revenues of $2,685 million.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
Caesars Entertainment, Inc. price-consensus-eps-surprise-chart | Caesars Entertainment, Inc. Quote
Segmental Performance
During the third quarter, net revenues from the Las Vegas segment came in at $ 1,077 million compared with $1,017 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $480 million compared with the $500 million reported in the prior-year quarter.
Coming to the Regional segment, net revenues during the quarter came in at $1,530 million compared with $1,492 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $570 million compared with the $554 million reported in the prior-year quarter.
Net revenues from the Caesars Digital segment in the third quarter came in at $212 million compared with $96 million in the prior-year quarter. The segment’s adjusted EBITDA came in at $(38) million compared with the $(164) million reported in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter came in at $210 million, flat year over year. The segment’s adjusted EBITDA came in at $22 million flat year over year.
Balance Sheet
As of Sep 30, 2022, the company’s cash and cash equivalents came in at $944 million compared with $1,070 million as on Dec 31, 2021.
Net debt, as of Sep 30, 2022, stood at $12,368 million compared with $13,253 million as of Dec 31, 2021.
Zacks Rank & Key Picks
Caesars Entertainment has a Zacks Rank #3 (Hold).
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Marriott International, Inc. (MAR - Free Report) , Crocs, Inc. (CROX - Free Report) and Live Nation Entertainment, Inc. (LYV - Free Report) .
Marriott sports a Zacks Rank #1. MAR has a trailing four-quarter earnings surprise of 18.6%, on average. The stock has declined 3.1% so far this past year. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for MAR’s current financial year sales and EPS indicates a surge of 46.8% and 104.1%, respectively, from the year-ago period’s reported levels.
Crocs sports a Zacks Rank #1. CROX has a long-term earnings growth rate of 15%. Shares of Crocs have plunged 43.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 49.6% and 20.7%, respectively, from the year-ago period’s levels.
Live Nation carries a Zacks Rank #2. LYV has a trailing four-quarter earnings surprise of 70.7%, on average. The stock has declined 24.6% in the past year.
The Zacks Consensus Estimate for LYV’s current financial year sales and EPS indicates growth of 130.8% and 117.2%, respectively, from the year-ago period’s reported levels.