Caesars Corp First Quarter FY15 Earnings Update

Caesars reported its first quarter earnings results on Wednesday May 6.

Caesars Entertainment Corp (CZR) reported its first quarter earnings results for fiscal year 2015 on Wednesday May 6. The company's operating revenue increased by 21%, however, the bottom line befitted from a large once again.
The company reported that its operating revenue increased to $1.095 billion during the first quarter.
Caesars corp. said the first quarter was exclusive of the result after 15th Jan from its Entertainment operating Company, which it eliminate in the wake of company's operating bankruptcy filings.
Leaving Chief Executive Officer of Caesars, Gary Loveman said, , “While we are pleased with our first quarter performance, we are focused on driving further same-store revenue growth, effectively managing expenses and making critical hospitality investments to position the business for long-term growth.”
Gary Loveman's position will be taken by Mark Frissora in July this year, who was previously Chief Executive of Hertz Global Holdings Inc.
on the whole, the company was able to post $7.64 billion in profit equals to $52.01 per share against $386 or $2.02 per share loss in the similar quarter last year. the recent quarter consists of $7.96 billion of profit related to the operating company deconsolidation. Earnings per share from continuous operations stood at $52.06 versus $2.26 loss per share in the prior-year quarter.
Casino revenue for the company grew 22% and reached $549 million and operating income from casino grew 29% to $265 million mainly because of Horseshoe Baltimore and Cromwell.
Zack analysts have upgraded their ratings on the share of the company to an outperform from previous neutral rating and assigned a new stock price target of $12 in a research note on Tuesday this week.
non-GAAP EBITDA rose 43% year over year and reached $162 million and EBITDA margins grew 10% quarter over quarter and 8% on a year over year basis.
Caesars shares were down 1.06% on Wednesday May 6 after reaching $9.31 high. Almost 645,570 shares of the company traded hands. The company has 12 months low of $8.51 and 2 months high of $23. the company's stock has 52-week and 200-week moving an average of $10 and $12, respectively. Caesar has $1.35 billion of market capitalization.