We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Red Rock Resorts Q3 Earnings & Revenues Surpass Estimates
Read MoreHide Full Article
Red Rock Resorts, Inc. (RRR - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
RRR’s Q3 Earnings & Revenues
In the quarter under review, adjusted earnings per share (EPS) came in at 48 cents, outpacing the Zacks Consensus Estimate of 37 cents. In the prior-year quarter, it recorded an adjusted EPS of 60 cents.
Quarterly revenues of $468 million surpassed the consensus mark of $461 million by 1.6%. The top line rose 13.7% on a year-over-year basis.
Red Rock Resorts, Inc. Price, Consensus and EPS Surprise
During the third quarter of 2024, revenues from Las Vegas operations totaled $464.7 million, up 13.9% from $408 million reported in the prior-year quarter. Our projection was $460.9 million.
Adjusted EBITDA was $202.6 million, up 5.8% year over year. Our estimate for the metric was $158.9 million.
RRR's Operating Highlights
During the third quarter, selling, general and administrative expenses came in at $109 million, compared with $91.9 million reported in the prior-year quarter. Our model estimated the metric at $110.9 million.
Net income during the quarter came in at $55.4 million, compared with $68.4 million reported in the prior-year quarter. Our model estimated the metric at $37.2 million.
Adjusted EBITDA in the third quarter came in at $182.7 million compared with $175.2 million reported in the prior-year quarter. Our model estimated the metric at $144.7 million.
Other Financial Details
As of Sept. 30, 2024, RRR had cash and cash equivalents of $117.5 million compared with $136.4 million as of June 30, 2024. Outstanding debt at the third-quarter end was $3.5 billion, flat sequentially.
Royal Caribbean Cruises Ltd. (RCL - Free Report) posted impressive third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
In the quarter, the company exceeded its guidance, driven by stronger pricing on close-in demand, continued growth in onboard revenues and reduced costs due to timing factors. The company has raised its outlook for 2024 and reported elevated demand patterns heading into 2025.
Mattel, Inc. (MAT - Free Report) reported impressive third-quarter 2024 results, wherein the adjusted earnings and net sales topped the Zacks Consensus Estimate. The top line surpassed the consensus estimate after missing it for three consecutive quarters. On a year-over-year basis, net sales declined while adjusted earnings grew.
The company’s quarterly results benefited notably from its Optimizing for Profitable Growth program along with the focus on its multi-year strategy to expand its IP-driven toy business and entertainment offering. Although the top line was adversely impacted by reduced sales from both the reportable segments, the bottom line showed resilience through operational efficiencies.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in RevPAR, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories — including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Red Rock Resorts Q3 Earnings & Revenues Surpass Estimates
Red Rock Resorts, Inc. (RRR - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
RRR’s Q3 Earnings & Revenues
In the quarter under review, adjusted earnings per share (EPS) came in at 48 cents, outpacing the Zacks Consensus Estimate of 37 cents. In the prior-year quarter, it recorded an adjusted EPS of 60 cents.
Quarterly revenues of $468 million surpassed the consensus mark of $461 million by 1.6%. The top line rose 13.7% on a year-over-year basis.
Red Rock Resorts, Inc. Price, Consensus and EPS Surprise
Red Rock Resorts, Inc. price-consensus-eps-surprise-chart | Red Rock Resorts, Inc. Quote
Las Vegas Operations
During the third quarter of 2024, revenues from Las Vegas operations totaled $464.7 million, up 13.9% from $408 million reported in the prior-year quarter. Our projection was $460.9 million.
Adjusted EBITDA was $202.6 million, up 5.8% year over year. Our estimate for the metric was $158.9 million.
RRR's Operating Highlights
During the third quarter, selling, general and administrative expenses came in at $109 million, compared with $91.9 million reported in the prior-year quarter. Our model estimated the metric at $110.9 million.
Net income during the quarter came in at $55.4 million, compared with $68.4 million reported in the prior-year quarter. Our model estimated the metric at $37.2 million.
Adjusted EBITDA in the third quarter came in at $182.7 million compared with $175.2 million reported in the prior-year quarter. Our model estimated the metric at $144.7 million.
Other Financial Details
As of Sept. 30, 2024, RRR had cash and cash equivalents of $117.5 million compared with $136.4 million as of June 30, 2024. Outstanding debt at the third-quarter end was $3.5 billion, flat sequentially.
RRR’s Zacks Rank
Red Rock Resorts currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Recent Consumer Discretionary Releases
Royal Caribbean Cruises Ltd. (RCL - Free Report) posted impressive third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
In the quarter, the company exceeded its guidance, driven by stronger pricing on close-in demand, continued growth in onboard revenues and reduced costs due to timing factors. The company has raised its outlook for 2024 and reported elevated demand patterns heading into 2025.
Mattel, Inc. (MAT - Free Report) reported impressive third-quarter 2024 results, wherein the adjusted earnings and net sales topped the Zacks Consensus Estimate. The top line surpassed the consensus estimate after missing it for three consecutive quarters. On a year-over-year basis, net sales declined while adjusted earnings grew.
The company’s quarterly results benefited notably from its Optimizing for Profitable Growth program along with the focus on its multi-year strategy to expand its IP-driven toy business and entertainment offering. Although the top line was adversely impacted by reduced sales from both the reportable segments, the bottom line showed resilience through operational efficiencies.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in RevPAR, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories — including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.