MGM Resorts International (NYSE:MGM) First Quarter 2024 Results

Key Financial Results

• Revenue: US$4.37b (up 13% from 1Q 2023).

• Net income: US$217.6m (down 54% from 1Q 2023).

• Profit margin: 5.0% (down from 12% in 1Q 2023).

• EPS: US$0.68 (down from US$1.25 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

MGM Resorts International Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 29%.

Looking ahead, revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Hospitality industry in the US.

Performance of the American Hospitality industry.

The company's shares are down 3.1% from a week ago.

Valuation

Following the latest earnings results, MGM Resorts International may be undervalued based on 6 different valuation benchmarks we assess. To explore our complete evaluation click here and get an understanding of what analysts are thinking about the company's future.

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