Casino operator Pinnacle Entertainment Inc. (PNK) said Friday it moved to a second-quarter profit, helped by a hefty gain from an equity securities sale.
The company earned $4.7 million, or 8 cents per share, for the period ended June 30. That compares with a loss of $18.1 million, or 30 cents per share, a year earlier.
Quarterly results benefited from a $12.9 million gain related to the sale of company-owned equity securities.
Analysts forecast net income of 5 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically assume one-time items.
Revenue was essentially flat at $266.3 million, but missed Wall Street's estimate of $271.4 million.
Lodging revenue moved up slightly to $10.1 million from $9.2 million, while gaming revenue held steady at about $229.7 million.
Pinnacle owns and runs casinos in Nevada, Louisiana, Indiana, Missouri and Argentina.
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