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Melco (MLCO) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
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Melco Resorts (MLCO - Free Report) reported $1.02 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 320.6%. EPS of -$0.03 for the same period compares to -$0.52 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.04 billion, representing a surprise of -2.13%. The company delivered an EPS surprise of -250.00%, with the consensus EPS estimate being $0.02.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Melco performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Average Daily Rate - Altira Macau: $138 versus $145.53 estimated by two analysts on average.
Average Daily Rate - City of Dreams: $193 versus $208.30 estimated by two analysts on average.
Revenue Per Available Room - City of Dreams: $176 versus $184.45 estimated by two analysts on average.
Occupancy Rate - City of Dreams: 91% compared to the 88.5% average estimate based on two analysts.
Revenue Per Available Room - Altira Macau: $131 versus the two-analyst average estimate of $120.40.
Occupancy Rate - Altira Macau: 95% compared to the 82.5% average estimate based on two analysts.
Net Revenue- Mocha and Other: $30.10 million compared to the $29.44 million average estimate based on two analysts. The reported number represents a change of +60.1% year over year.
Net Revenue- Altira Macau: $24.20 million versus $36.58 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +908.3% change.
Net Revenue- City of Dreams Manila: $124.90 million versus the two-analyst average estimate of $132.57 million. The reported number represents a year-over-year change of +21.7%.
Net Revenue- Studio City: $277.70 million versus the two-analyst average estimate of $269.01 million. The reported number represents a year-over-year change of +984.8%.
Net Revenue- City of Dreams: $506.20 million versus the two-analyst average estimate of $536.79 million. The reported number represents a year-over-year change of +662.4%.
Adjusted EBITDA- Mocha and Other: $6.88 million versus the two-analyst average estimate of $5.96 million.
Shares of Melco have returned -2.9% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Melco (MLCO) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
Melco Resorts (MLCO - Free Report) reported $1.02 billion in revenue for the quarter ended September 2023, representing a year-over-year increase of 320.6%. EPS of -$0.03 for the same period compares to -$0.52 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.04 billion, representing a surprise of -2.13%. The company delivered an EPS surprise of -250.00%, with the consensus EPS estimate being $0.02.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Melco performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Average Daily Rate - Altira Macau: $138 versus $145.53 estimated by two analysts on average.
- Average Daily Rate - City of Dreams: $193 versus $208.30 estimated by two analysts on average.
- Revenue Per Available Room - City of Dreams: $176 versus $184.45 estimated by two analysts on average.
- Occupancy Rate - City of Dreams: 91% compared to the 88.5% average estimate based on two analysts.
- Revenue Per Available Room - Altira Macau: $131 versus the two-analyst average estimate of $120.40.
- Occupancy Rate - Altira Macau: 95% compared to the 82.5% average estimate based on two analysts.
- Net Revenue- Mocha and Other: $30.10 million compared to the $29.44 million average estimate based on two analysts. The reported number represents a change of +60.1% year over year.
- Net Revenue- Altira Macau: $24.20 million versus $36.58 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +908.3% change.
- Net Revenue- City of Dreams Manila: $124.90 million versus the two-analyst average estimate of $132.57 million. The reported number represents a year-over-year change of +21.7%.
- Net Revenue- Studio City: $277.70 million versus the two-analyst average estimate of $269.01 million. The reported number represents a year-over-year change of +984.8%.
- Net Revenue- City of Dreams: $506.20 million versus the two-analyst average estimate of $536.79 million. The reported number represents a year-over-year change of +662.4%.
- Adjusted EBITDA- Mocha and Other: $6.88 million versus the two-analyst average estimate of $5.96 million.
View all Key Company Metrics for Melco here>>>Shares of Melco have returned -2.9% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.