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Gaming Stocks' Q2 Earnings Releases on Jul 26: LVS, CHDN

Zacks Equity Research
Updated

The second-quarter earnings season has started off well, with an abundance of positive surprises, particularly on the revenue front. Meanwhile, earnings and revenue growth have also bettered pre-season expectations.

Per the latest Earnings Preview, total earnings for the 97 S&P 500 members that have reported results (as of Jul 21) are up 8.4% from the year-ago period, courtesy of a 5.1% rise in revenues. Notably, 78.4% of the companies that have posted their quarterly numbers have surpassed earnings estimates, while 72.2% have exceeded top-line expectations.

Thus, the results so far provide a positive and encouraging view of corporate earnings, and the momentum is expected to continue through the season. Per the report, total earnings for S&P 500 companies in the second quarter are projected to grow 8.6% year over year on 4.7% higher revenues.

Coming to the Consumer Discretionary sector, the space is expected to deliver a mixed performance this earnings season. While overall earnings for the sector are expected to be down 1.6% year over year, revenues are anticipated to rise 7.8%.

Notably, a couple of gaming stocks from the sector are expected to report their second-quarter results on Jul 26. Will these companies manage to put up a decent performance? Let’s take a look at what might be in store for them this quarter:

Las Vegas Sands Corp. LVS delivered a positive earnings surprise of 6.45% in the last quarter. In fact, the company’s earnings surpassed the Zacks Consensus Estimate in two of the last four quarters, with an average beat of 4.18%.

Las Vegas Sands Corp. Price and EPS Surprise

 

Las Vegas Sands Corp. Price and EPS Surprise | Las Vegas Sands Corp. Quote

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Our proven model does not conclusively show an earnings beat for Las Vegas Sands this quarter. This is because, according to our quantitative model, a company needs the right combination of the two key ingredients – a positive Earnings ESP and a Zacks Rank #3 (Hold) or better – to increase its odds of an earnings surprise.

For the quarter, the company has an Earnings ESP of -3.28% and a Zacks Rank #2 (Buy). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Notably, the Zacks Consensus Estimate for the quarter’s earnings is pegged at 61 cents. Las Vegas Sands’ industry-leading Cotai Strip property portfolio in Macao is likely to witness strong visitation and higher hotel occupancy rates buoyed by the addition of The Parisian Macao in the to-be-reported quarter. However, excess supply, especially in the Macao market, is anticipated to reduce the company’s market share and somewhat mar the results (read more: Las Vegas Sands' Q2 Earnings: What's in the Cards?).

Churchill Downs Inc. CHDN saw a negative earnings surprise of 13.73% in the last quarter. In fact, the company’s earnings lagged the Zacks Consensus Estimate in two of the last four quarters, leading to an average miss of 7.86%.

Churchill Downs, Incorporated Price and EPS Surprise

 

Churchill Downs, Incorporated Price and EPS Surprise | Churchill Downs, Incorporated Quote

We expect the company to surpass expectations in the quarter due to the combination of its Zacks Rank #3 and Earnings ESP of +3.56%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Notably, the Zacks Consensus Estimate for the quarter’s bottom line is pegged at $4.50.

Stay tuned! Check back on our full write-up on earnings releases of these stocks.

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Las Vegas Sands Corp. (LVS) : Free Stock Analysis Report
 
Churchill Downs, Incorporated (CHDN) : Free Stock Analysis Report
 
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