Earnings grew 40% at
in the second quarter, as the company continued to benefit from the booming Las Vegas economy.
Station, whose casinos cater to the city's local residents, said net income grew to $40.6 million, or 58 cents a share, from $29.0 million, or 43 cents a share, a year earlier.
Excluding one-time items and development expenses, Station reported EPS of 65 cents, up from 52 cents a year before and a penny ahead of the 64-cent average analyst estimate from Thomson First Call.
Revenue totaled $274.0 million in the latest quarter, up 14% from a year ago and better than the $271.7 million analyst consensus. Revenue jumped 16% at Station's Las Vegas casinos that had been open at least a year.
Looking ahead, Station forecast third-quarter EPS of 51 cents to 56 cents, roughly in line with the 54-cent consensus estimate. The guidance assumes about $2 million of construction disruptions as Station expands its Santa Fe Station and Fiesta Henderson casinos. It also assumes revenue growth of 8% to 11% at Station's major Las Vegas casinos.
Shares of Station fell 88 cents, or 1.2%, to $71.80 in premarket trading Thursday. Investors, who've grown accustomed to blowout performances from Station, may have expected even better results or higher guidance.
, which also serves the local Las Vegas market, saw its shares dive Wednesday even though it reported second-quarter profits that were a penny better than estimates.