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Monarch Casino's (MCRI) Q4 Earnings Miss Estimates, Fall Y/Y
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Monarch Casino & Resort, Inc. (MCRI - Free Report) reported fourth-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
During the quarter, the company reported staffing challenges due to Colorado's low unemployment rate and the competitive wage rates in Denver. Also, it stated obstacles from the expanding California tribal gaming market and a highly-competitive promotional environment at the Atlantis in Reno. Despite these factors and ongoing construction disruptions, the company managed to boost its market share in the fourth quarter of 2023.
Q4 Earnings & Revenues
In the quarter under review, the company reported adjusted earnings per share (EPS) of 93 cents, missing the Zacks Consensus Estimate of $1.04. In the year-ago quarter, it generated an adjusted EPS of $1.14.
Monarch Casino & Resort, Inc. Price, Consensus and EPS Surprise
Quarterly revenues of $128.2 million beat the consensus mark of $119 million by 7.4%. In the prior-year quarter, the company reported revenues of $120.5 million. The upside was backed by strong contributions from Casino and food and beverage.
During the fourth quarter, Casino revenues increased 8.3% year over year to $72.7 million. Food and beverage revenues during the quarter came in at $32.8 million compared with $31.3 million reported in the year-ago quarter.
Hotel revenues during the quarter came in at $16.8 million compared with $16.9 million reported in the year-ago quarter. Increased competitive pressures in Reno led to the downside.
Operating Highlights
During the fourth quarter, income from operations amounted to $25.4 million compared with $28.1 million reported in the prior-year quarter.
Selling, general and administrative expenses in the fourth quarter came in at $28.7 million compared with $24.7 million reported in the prior-year period. The upside was caused by increased labor, advertising, and repair and maintenance expenses.
During the quarter, Casino operating expenses (as a percentage of casino revenue) came in at 36.2% compared with 35.6% in the prior-year quarter. The upside was driven by increased labor and slot participation expenses and promotional allowances. Hotel operating expenses (as a percentage of hotel revenues) came in at 37.6% compared with 37.4% reported in the prior-year quarter.
F&B operating expenses (as a percentage of F&B revenues) came in at 71.8% compared with 73.8% reported in the prior-year quarter. The downside was primarily caused by improved cost management and menu price adjustments.
Adjusted EBITDA in the fourth quarter came in at $43 million compared with $41.6 million reported in the prior-year quarter.
Balance Sheet
As of Dec 31, 2023, cash and cash equivalents totaled $43.4 million compared with $38.8 million as of Dec 31, 2022.
Total stockholders’ equity at the end of the fourth quarter totaled $513.1 million compared with $502.4 million at the end of third-quarter 2023.
The company declared a quarterly cash dividend of $0.30 per share. The dividend will be payable on Mar 15, 2024, to shareholders of record as of Mar 1, 2024.
2023 Highlights
Total revenues in 2023 came in at $501.5 million compared with $477.9 million reported in 2022.
Adjusted EBITDA in 2023 came in at $170.8 million compared with $167.1 million reported in 2022.
In 2023, diluted EPS came in at $4.20 compared with $4.47 reported in the previous year.
Zacks Rank & Key Picks
Monarch Casino currently has a Zacks Rank #4 (Sell).
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have surged 57.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14% and 42.5%, respectively, from the year-ago period’s levels.
H World Group Limited (HTHT - Free Report) currently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 94.5%, on average. The stock has declined 35.4% in the past year.
The Zacks Consensus Estimate for HTHT’s 2024 sales and EPS indicates an improvement of 7.2% and 7.1%, respectively, from the year-ago period’s levels.
Carnival Corporation & plc (CCL - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 19.2%, on average. The stock has gained 31.6% in the past year.
The Zacks Consensus Estimate for CCL’s fiscal 2024 sales indicates a rise of 13.8% from the year-ago levels.
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Monarch Casino's (MCRI) Q4 Earnings Miss Estimates, Fall Y/Y
Monarch Casino & Resort, Inc. (MCRI - Free Report) reported fourth-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
During the quarter, the company reported staffing challenges due to Colorado's low unemployment rate and the competitive wage rates in Denver. Also, it stated obstacles from the expanding California tribal gaming market and a highly-competitive promotional environment at the Atlantis in Reno. Despite these factors and ongoing construction disruptions, the company managed to boost its market share in the fourth quarter of 2023.
Q4 Earnings & Revenues
In the quarter under review, the company reported adjusted earnings per share (EPS) of 93 cents, missing the Zacks Consensus Estimate of $1.04. In the year-ago quarter, it generated an adjusted EPS of $1.14.
Monarch Casino & Resort, Inc. Price, Consensus and EPS Surprise
Monarch Casino & Resort, Inc. price-consensus-eps-surprise-chart | Monarch Casino & Resort, Inc. Quote
Quarterly revenues of $128.2 million beat the consensus mark of $119 million by 7.4%. In the prior-year quarter, the company reported revenues of $120.5 million. The upside was backed by strong contributions from Casino and food and beverage.
During the fourth quarter, Casino revenues increased 8.3% year over year to $72.7 million. Food and beverage revenues during the quarter came in at $32.8 million compared with $31.3 million reported in the year-ago quarter.
Hotel revenues during the quarter came in at $16.8 million compared with $16.9 million reported in the year-ago quarter. Increased competitive pressures in Reno led to the downside.
Operating Highlights
During the fourth quarter, income from operations amounted to $25.4 million compared with $28.1 million reported in the prior-year quarter.
Selling, general and administrative expenses in the fourth quarter came in at $28.7 million compared with $24.7 million reported in the prior-year period. The upside was caused by increased labor, advertising, and repair and maintenance expenses.
During the quarter, Casino operating expenses (as a percentage of casino revenue) came in at 36.2% compared with 35.6% in the prior-year quarter. The upside was driven by increased labor and slot participation expenses and promotional allowances. Hotel operating expenses (as a percentage of hotel revenues) came in at 37.6% compared with 37.4% reported in the prior-year quarter.
F&B operating expenses (as a percentage of F&B revenues) came in at 71.8% compared with 73.8% reported in the prior-year quarter. The downside was primarily caused by improved cost management and menu price adjustments.
Adjusted EBITDA in the fourth quarter came in at $43 million compared with $41.6 million reported in the prior-year quarter.
Balance Sheet
As of Dec 31, 2023, cash and cash equivalents totaled $43.4 million compared with $38.8 million as of Dec 31, 2022.
Total stockholders’ equity at the end of the fourth quarter totaled $513.1 million compared with $502.4 million at the end of third-quarter 2023.
The company declared a quarterly cash dividend of $0.30 per share. The dividend will be payable on Mar 15, 2024, to shareholders of record as of Mar 1, 2024.
2023 Highlights
Total revenues in 2023 came in at $501.5 million compared with $477.9 million reported in 2022.
Adjusted EBITDA in 2023 came in at $170.8 million compared with $167.1 million reported in 2022.
In 2023, diluted EPS came in at $4.20 compared with $4.47 reported in the previous year.
Zacks Rank & Key Picks
Monarch Casino currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have surged 57.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2024 sales and EPS indicates a rise of 14% and 42.5%, respectively, from the year-ago period’s levels.
H World Group Limited (HTHT - Free Report) currently sports a Zacks Rank of 1. It has a trailing four-quarter earnings surprise of 94.5%, on average. The stock has declined 35.4% in the past year.
The Zacks Consensus Estimate for HTHT’s 2024 sales and EPS indicates an improvement of 7.2% and 7.1%, respectively, from the year-ago period’s levels.
Carnival Corporation & plc (CCL - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 19.2%, on average. The stock has gained 31.6% in the past year.
The Zacks Consensus Estimate for CCL’s fiscal 2024 sales indicates a rise of 13.8% from the year-ago levels.