MGM Mirage Beats Expectations

MGM Mirage (MGG Quote - Cramer on MGG - Stock Picks) said Thursday that it met Wall Street's slightly lowered earnings estimate for the fourth quarter.

The hotel, entertainment and gaming company said it earned $68 million, or 42 cents in the quarter, up from $39.9 million, or 34 cents a share, a year ago. Analysts polled by First Call/Thomson Financial were expecting 42 cents a share, down from the previous consensus projection of 43 cents. In early January the company said it expected to earn between 40 cents and 44 cents for the quarter.

Revenue totaled $1.1 billion, up from $421 million in the prior year. The top line in the latest quarter includes revenue of $645.7 million from the acquisition of Mirage Resorts.

Shares of MGM gained $2.56, or 8.8%, to $31.71 in recent New York Stock Exchange trading.