Despite weaker sales, Wynn Resorts (NASDAQ:WYNN) had higher net income in the second quarter.
Earnings and Revenue The company fell short of estimates with adjusted net income of $1.38 a share and revenues of $1.25 billion. Analysts were expecting adjusted net income of $1.49 a share and revenues of $1.36 billion. The estimates of 18 analysts ranged from profit of $1.32 to profit of $1.78.
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The company's net income for the quarter rose 13.1% to $138.1 million. Revenue fell 8.3% from $1.37 billion in the same period last year.
Company Fundamental Trends Slumping revenue in the last quarter ends The company's streak of at least four consecutive quarters of revenue increases.
History Against Expectations The company has now missed estimates in the last two quarters. In the first quarter, it missed expectations by 7 cents with net income of $1.33 versus a mean estimate of net income of $1.40 per share.
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.