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Red Rock Resorts (RRR) Q2 Earnings & Revenues Top Estimates
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Red Rock Resorts, Inc. (RRR - Free Report) reported second-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.
The company reported a robust second quarter, with Las Vegas operations achieving record-high net revenues and adjusted EBITDA. Also, it reported solid performance concerning Durango Casino Resort, enhancing operational performance and driving increased play. The company emphasizes its core strategy of reinvesting in existing properties to provide fresh amenities and top-tier customer service and drive growth.
Earnings & Revenues
In the quarter under review, adjusted earnings per share (EPS) came in at 59 cents, outpacing the Zacks Consensus Estimate of 43 cents. In the prior-year quarter, it recorded an adjusted EPS of 65 cents.
Red Rock Resorts, Inc. Price, Consensus and EPS Surprise
Quarterly revenues of $486.4 million surpassed the consensus mark of $474 million by 2.6%. The top line rose 16.9% on a year-over-year basis. The upside was backed by strong visitation and carded slot play in regional and national segments. Also, strong spending per visit added to the positives.
Las Vegas Operations
During second-quarter 2024, revenues from Las Vegas operations totaled $483.2 million, up 17.1% from $412.6 million reported in the prior-year quarter. Our projection was $468.3 million. Adjusted EBITDA was $223.1 million, up 15.6% year over year.
Operating Highlights
During the second quarter, selling, general and administrative expenses came in at $111.3 million compared with $93.5 million reported in the prior-year quarter. Our model estimated the metric at $102.8 million.
Net income during the quarter came in at $69.8 million compared with $74.9 million reported in the prior-year quarter. Our model estimated the metric at $72.1 million.
Adjusted EBITDA in the second quarter came in at $201.7 million compared with $175.3 million reported in the prior-year quarter. Our model estimated the metric at $178.2 million.
Other Financial Details
As of Jun 30, 2024, RRR had cash and cash equivalents of $136.4 million compared with $129.7 million as of Mar 31, 2024. Outstanding debt at the second-quarter end was $3.5 billion, flat sequentially.
Carnival Corporation & plc (CCL - Free Report) reported impressive second-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily backed by sustained demand strength and increased booking volumes. The management expects net yields to exceed 10% and drive double-digit returns on invested capital.
The quarter’s passenger ticket revenues amounted to $3.8 billion, up from $3.1 billion reported in the prior-year quarter. CCL reported strong booking momentum for 2025, with record volumes surpassing 2024 levels in price and occupancy. It reported strength in pricing for the North America and Australia and Europe segments for the third and the fourth quarter of 2024 on a year-over-year basis. Its efforts to extend the booking curve and leverage favorable pricing trends resulted in record cumulative bookings for the remainder of 2024, with occupancy rates above 2023 levels.
Mattel, Inc. (MAT - Free Report) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same. The top line missed the consensus estimate for the third straight quarter.
The company experienced robust bottom-line performance, propelled mainly by significant gross margin expansion and growth in adjusted EBITDA. MAT is well positioned for the second half with new product innovation and increased retail support. The company is in a strong financial position to execute its strategy to expand its IP-driven toy business and expand entertainment offerings. For 2024, management continues to expect net sales to be comparable with the prior year’s levels at cc. It also anticipates 2024 adjusted EPS to be between $1.35 and $1.45 compared with $1.23 in 2023.
American Outdoor Brands, Inc. (AOUT - Free Report) reported mixed fourth-quarter fiscal 2024 (ended Apr 30, 2024) results. It reported break-even earnings, which missed the Zacks Consensus Estimate, while net sales topped the same. The top line rose year over year, but the bottom line declined.
The quarterly results reflect growth in its outdoor lifestyle and shooting sports categories on the back of new product launches across its several brands. The footprint expansion in Canada also bodes well for the company, allowing it to offer outdoor brands to Canadian consumers. The bottom line was negatively impacted by the amortization of tariff and freight costs, higher promotional product discounts and an immaterial adjustment to a tariff drawback claim submitted in the fiscal 2022.
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Red Rock Resorts (RRR) Q2 Earnings & Revenues Top Estimates
Red Rock Resorts, Inc. (RRR - Free Report) reported second-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.
The company reported a robust second quarter, with Las Vegas operations achieving record-high net revenues and adjusted EBITDA. Also, it reported solid performance concerning Durango Casino Resort, enhancing operational performance and driving increased play. The company emphasizes its core strategy of reinvesting in existing properties to provide fresh amenities and top-tier customer service and drive growth.
Earnings & Revenues
In the quarter under review, adjusted earnings per share (EPS) came in at 59 cents, outpacing the Zacks Consensus Estimate of 43 cents. In the prior-year quarter, it recorded an adjusted EPS of 65 cents.
Red Rock Resorts, Inc. Price, Consensus and EPS Surprise
Red Rock Resorts, Inc. price-consensus-eps-surprise-chart | Red Rock Resorts, Inc. Quote
Quarterly revenues of $486.4 million surpassed the consensus mark of $474 million by 2.6%. The top line rose 16.9% on a year-over-year basis. The upside was backed by strong visitation and carded slot play in regional and national segments. Also, strong spending per visit added to the positives.
Las Vegas Operations
During second-quarter 2024, revenues from Las Vegas operations totaled $483.2 million, up 17.1% from $412.6 million reported in the prior-year quarter. Our projection was $468.3 million. Adjusted EBITDA was $223.1 million, up 15.6% year over year.
Operating Highlights
During the second quarter, selling, general and administrative expenses came in at $111.3 million compared with $93.5 million reported in the prior-year quarter. Our model estimated the metric at $102.8 million.
Net income during the quarter came in at $69.8 million compared with $74.9 million reported in the prior-year quarter. Our model estimated the metric at $72.1 million.
Adjusted EBITDA in the second quarter came in at $201.7 million compared with $175.3 million reported in the prior-year quarter. Our model estimated the metric at $178.2 million.
Other Financial Details
As of Jun 30, 2024, RRR had cash and cash equivalents of $136.4 million compared with $129.7 million as of Mar 31, 2024. Outstanding debt at the second-quarter end was $3.5 billion, flat sequentially.
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
Carnival Corporation & plc (CCL - Free Report) reported impressive second-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis. The upside was primarily backed by sustained demand strength and increased booking volumes. The management expects net yields to exceed 10% and drive double-digit returns on invested capital.
The quarter’s passenger ticket revenues amounted to $3.8 billion, up from $3.1 billion reported in the prior-year quarter. CCL reported strong booking momentum for 2025, with record volumes surpassing 2024 levels in price and occupancy. It reported strength in pricing for the North America and Australia and Europe segments for the third and the fourth quarter of 2024 on a year-over-year basis. Its efforts to extend the booking curve and leverage favorable pricing trends resulted in record cumulative bookings for the remainder of 2024, with occupancy rates above 2023 levels.
Mattel, Inc. (MAT - Free Report) reported mixed second-quarter 2024 results, with earnings surpassing the Zacks Consensus Estimate and revenues missing the same. The top line missed the consensus estimate for the third straight quarter.
The company experienced robust bottom-line performance, propelled mainly by significant gross margin expansion and growth in adjusted EBITDA. MAT is well positioned for the second half with new product innovation and increased retail support. The company is in a strong financial position to execute its strategy to expand its IP-driven toy business and expand entertainment offerings. For 2024, management continues to expect net sales to be comparable with the prior year’s levels at cc. It also anticipates 2024 adjusted EPS to be between $1.35 and $1.45 compared with $1.23 in 2023.
American Outdoor Brands, Inc. (AOUT - Free Report) reported mixed fourth-quarter fiscal 2024 (ended Apr 30, 2024) results. It reported break-even earnings, which missed the Zacks Consensus Estimate, while net sales topped the same. The top line rose year over year, but the bottom line declined.
The quarterly results reflect growth in its outdoor lifestyle and shooting sports categories on the back of new product launches across its several brands. The footprint expansion in Canada also bodes well for the company, allowing it to offer outdoor brands to Canadian consumers. The bottom line was negatively impacted by the amortization of tariff and freight costs, higher promotional product discounts and an immaterial adjustment to a tariff drawback claim submitted in the fiscal 2022.