Isle of Capri Casinos tops 2Q earnings expectations
But its shares fell more than 7 percent in morning trading Wednesday, however, as its revenue came up short of Wall Street's expectations.
The St. Louis-based company has 14 casinos spread throughout Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania.
It reported net income of $11.5 million, or 28 cents per share, after reporting a loss in the same period a year earlier. Earnings, adjusted to account for discontinued operations, came to 19 cents per share. That beat the average estimate of 18 cents per share according to three analysts surveyed by Zacks Investment Research.
Revenue rose slightly to $236.3 million, but the results fell short of Street forecasts. Three analysts surveyed by Zacks expected $241.4 million.
Shares of Isle of Capri Casinos Inc. dropped $1.45, or 7.6 percent, to $17.52 in morning trading. Its shares have more than doubled since the beginning of the year and for the last 12 months.
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