Wynn Resorts, Limited (NASDAQ:WYNN) stock was soaring on Monday following the release of its earnings report for the fourth quarter of 2017.
Earnings per share reported by Wynn Resorts, Limited for the fourth quarter of 2017 was $1.40. This is an increase over its earnings per share of 50 cents from the same period of the year prior. It was also good news for WYNN stock by coming in above Wall Street’s earnings per share estimate of $1.38 for the quarter.
Wynn Resorts, Limited reported net income of $491 million for the fourth quarter of the year. This is up from its net income of $113 million that was reported in the fourth quarter of 2016.
Revenue of $1.69 billion reported by Wynn Resorts, Limited for the fourth quarter of the year was also a blessing to WYNN stock. This is above its revenue of $1.30 billion that was reported during the same time last year. It also beat out analysts’ revenue estimate of $1.57 billion for the period.
Wynn Resorts, Limited’s strong earnings report for the fourth quarter of the year was partly due to performance from its Wynn Macau and Wynn Palace businesses. The Macau business saw revenue increase by 24.1% during the quarter to $618.6 million. Wynn Palace revenue was up 65.6% to $693.4 million.
Wynn Resorts, Limited’s results for the full year of 2017 include earnings per share of $5.46 on revenue of $6.31 billion. Earnings per share and revenue from 2016 were $3.40 and $4.47 billion. Wall Street was looking for earnings per share of $5.26 on revenue of $6.18 billion for the year.
WYNN stock was up 6% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.