Harrah's Entertainment Tops Estimates by a Penny
Harrah's Entertainment
(HET)
posted fourth-quarter earnings that beat analysts' expectations by a penny, but indicated that harsh winter weather held back casino visitors and the bottom line.
The Las Vegas-based casino operator said fourth-quarter earnings, excluding project opening costs, nonrecurring items and the gains on equity interests, totaled $23.6 million, or 20 cents a share, compared with $38.4 million, or 29 cents a share, in the same period last year. According to
First Call/Thomson Financial
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, 16 analysts expected fourth-quarter earnings of 19 cents a share.
Revenue for the quarter rose to $854.9 million, up from $747.6 million last year.
Shares of Harrah's recently lost 17 cents, or 0.6%, to $30.85 in trading on the
New York Stock Exchange
.
