Ameristar Casinos Inc. (ASCA) reported higher first-quarter net income of $41.4 million or $1.21 per share compared with $21.8 million or $0.37 per share in the prior-year quarter. Adjusted earnings per share for the quarter were $0.75, higher than $0.41 a year ago. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.63 for the quarter. Analysts' estimates typically exclude one-time items.
The company said the net profit growth was mostly attributable to efficient revenue flow-through, a $15.7 million reduction in the income tax provision due to certain income tax elections and the absence of non-operational professional fees in the current period.
Consolidated net revenues for the recent quarter improved to $312.1 million from $308.7 million in the earlier year period. Analysts estimated revenues of $309.18 million for the quarter.
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