Yahoo Finance Caesars Entertainment (CZR) Q1 Earnings Top Estimates, Rise Y/Y
Caesars Entertainment, Inc. CZR reported solid first-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The upside was primarily driven by pent-up consumer demand, strong digital segment performance and improved marketing capabilities. Also, solid customer feedback with respect to capital projects (including Horseshoe, Indianapolis, Harrah's Pompano Beach and Horseshoe Lake Charles) added to the positives.
Following the results, shares of the company inched up 1.3% during the after-hour trading session on May 2.
Earnings & Revenue Discussion
During the quarter, the company recorded an adjusted earnings per share (EPS) of 9 cents, beating the Zacks Consensus Estimate of 6 cents. In the prior-year quarter, the company reported an adjusted loss of $2.11 per share.
Caesars Entertainment, Inc. Price, Consensus and EPS Surprise
Caesars Entertainment, Inc. price-consensus-eps-surprise-chart | Caesars Entertainment, Inc. Quote
Net revenues during the quarter came in at $2,830 million, beating the Zacks Consensus Estimate of $2,740 million. In the prior-year quarter, the company generated net revenues of $2,292 million.
Segmental Performance
During the first quarter, net revenues in the Las Vegas segment came in at $1,131 million compared with $914 million reported in the year-ago quarter. The segment’s adjusted EBITDA amounted to $533 million compared with $400 million reported in the prior-year quarter.
Coming to the Regional segment, net revenues during the quarter came in at $1,389 million compared with $1,363 million reported in the year-ago quarter. The segment’s adjusted EBITDA came in at $448 million compared with the $459 million reported in the prior-year quarter.
Net revenues in the Caesars Digital segment in the first quarter came in at $238 million against $(53) million reported in the prior-year quarter. The segment’s adjusted EBITDA totaled $(4) million compared with the $(554) million reported in the year-ago quarter.
In the Managed and Branded segment, net revenues during the quarter came in at $69 million compared with $66 million reported in the prior-year quarter. The segment’s adjusted EBITDA came in at $19 million compared with the $20 million reported in the prior-year quarter.
Balance Sheet
As of Mar 31, 2023, the company’s cash and cash equivalents came in at $965 million compared with $1,038 million as on Dec 31, 2022.
Net debt, as of Mar 31, 2023, stood at $12,190 million compared with $12,047 million as of Dec 31, 2022.
Zacks Rank & Key Picks
Caesars Entertainment currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are Boyd Gaming Corporation BYD, Crocs, Inc. CROX and PlayAGS, Inc. AGS.
Boyd Gaming currently sports a Zacks Rank #1 (Strong Buy). BYD has a trailing four-quarter earnings surprise of 13.7%, on average. Shares of BYD have gained 16.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for BYD’s 2023 sales and EPS indicates a rise of 1.4% and 4%, respectively, from the year-ago period’s levels.
Crocs carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 19.6%, on average. Shares of Crocs have increased 70.6% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates a rise of 13% and 5.6%, respectively, from the year-ago period’s levels.
PlayAGS carries a Zacks Rank #2. The company has a trailing four-quarter earnings surprise of 133.3%, on average. The stock has declined 18.8% in the past year.
The Zacks Consensus Estimate for AGS 2024 sales and EPS indicates a rise of 3% and 1,856.7%, respectively, from the year-ago period’s estimated levels.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Boyd Gaming Corporation (BYD) : Free Stock Analysis Report
Crocs, Inc. (CROX) : Free Stock Analysis Report
Caesars Entertainment, Inc. (CZR) : Free Stock Analysis Report
PlayAGS, Inc. (AGS) : Free Stock Analysis Report
