MGM beats Street 3Q forecasts

IndustriesAssociated Press

MGM Resorts International (MGM) on Monday reported third-quarter net income of $535.6 million.

The Las Vegas-based company said it had net income of 93 cents per share. Earnings, adjusted for non-recurring gains, came to 58 cents per share.

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The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

The casino and resort operator posted revenue of $2.52 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $2.37 billion.

MGM shares have climbed 16 percent since the beginning of the year. The stock has risen 10 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGM at https://www.zacks.com/ap/MGM

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Keywords: MGM Resorts, Earnings Report