Monarch Casino & Resort, Inc. has defied all expectations with their latest earnings report, beating analyst forecasts and prompting analysts to update their models for the company. The Nevada-based casino and resort operator reported strong revenue and profit growth in the first quarter of the year, sending the stock soaring and investors clamoring for more.
The company reported a revenue of $68.3 million for the first quarter, a 17.3% increase from the same period last year. Net income also saw a significant jump, coming in at $9.4 million, or $0.50 per share, up from $5.2 million, or $0.29 per share, in the first quarter of 2020. These impressive results were driven by a strong performance in Monarch’s gaming and hospitality segments, as well as cost-cutting measures implemented in response to the coronavirus pandemic.
Analysts had been expecting Monarch to report revenue of $65.4 million and earnings of $0.43 per share, making the actual results a pleasant surprise for investors. The earnings beat has led analysts to revise their estimates for the company, with many now projecting even stronger performance in the coming quarters.
“We are thrilled with our strong start to the year and the momentum we have built heading into the rest of 2021,” said Monarch’s CEO, John Farahi. “Our team has worked tirelessly to adapt to the challenges presented by the pandemic and we are excited to see our efforts pay off in such a significant way.”
Investors have also taken notice of Monarch’s impressive performance, with the company’s stock price surging in after-hours trading following the earnings announcement. Shares of Monarch Casino & Resort, Inc. closed at $70.25 on Thursday, up nearly 10% from the previous day’s closing price.
With the company’s strong financial results and positive outlook for the future, analysts and investors alike are bullish on Monarch’s prospects. The company’s ability to beat analyst forecasts and exceed expectations has solidified its position as a leader in the gaming and hospitality industry, and many are now eagerly anticipating what the rest of the year will bring for Monarch Casino & Resort, Inc.