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Though the Q3'13 earnings were below analyst estimates,

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investora2z   Saturday, 11/16/13 07:11:39 AM
Re: None
Post # of 2619 
Though the Q3'13 earnings were below analyst estimates, the company did show growth in revenues and improvements in the bottom-line margins. It reported a loss per share of 7 cents compared to estimates of 3 cents. The stock took a dip, but has recovered substantially, albeit on low volumes. The revenue went up by 9.4% on a yoy basis to $2.5 billion. This was better than the consensus analyst estimate of $2.42 billion. The net loss declined significantly on a yoy basis and also on a sequential basis. The net loss was nearly $32 million compared to $92 million in Q2'13 and $181 million in Q3'12. The EBITDA saw good growth and the margins increased primarily based on the performance at MGM China and Las Vegas Strip properties. Debt has remained a big problem for the entire industry, and MGM now expects reduction in the cash interest expense by $220 million. It is also pursuing refinancing options to further reduce the interest costs. FBR Capital Markets, which initiated coverage on the stock recently, was optimistic about the company's prospects despite the fact that earnings were below estimates. It has an Outperform rating with a price target of $25. The analysts see growth prospects in strip EBITDA which totaled just 60% of the peak. Further, the company is positioned to benefit from the ongoing growth in Macau, strip recovery and dividends from MGM China Holdings. The refinancing efforts are likely to improve the bottom-line. Other players are exploring emerging segments. Caesars (CZR) & MGT Capital Investments (MGT) have recently acquired companies in the social casino sector which holds a lot of potential. MGM has shown reasonable improvement, over the last couple of quarters. However, it needs to show consistent improvement over the next few quarters to improve investor confidence. The ttm loss is still very high at $1.34 billion on a revenue of $9.23 billion.

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