{"id":177087,"date":"2021-06-21T09:19:40","date_gmt":"2021-06-21T16:19:40","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=177087"},"modified":"2021-06-21T17:45:05","modified_gmt":"2021-06-22T00:45:05","slug":"everi-stock-rallies-following-bullish-q2-earnings-forecast","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/","title":{"rendered":"Everi Stock Soars as Company Forecasts Record Q2 Results, Unveils Debt Reduction Plan"},"content":{"rendered":"

Everi Holdings (NYSE:EVRI) stock is soaring Monday. That’s after the gaming machine manufacturer pre-announced second-quarter results that top Wall Street forecasts, while revealing plans to refinance debt at favorable terms.<\/p>\n

\"everi
Executives from Everi ring the bell at the New York Stock Exchange in 2015. The stock is soaring today following a bullish earnings forecast. (Image: Everi)<\/figcaption><\/figure>\n

The announcement by the Las Vegas-based company has the shares higher by 7.10 percent in midday, extending a run in which the stock gained 53.58 percent year-to-date — easily enough to make it one of 2021’s best-performing gaming equities.<\/p>\n

Everi said it expects second-quarter sales of $167 million to $172 million, up from $139.1 million in the first quarter and well ahead of the $129.7 million posted in the second quarter of 2019. Analysts are measuring gaming companies’ 2021 quarterly results against 2019 numbers. That’s because the severity of the 2020 coronavirus shutdown makes last year’s data unreasonable in comparisons to this year’s numbers.<\/p>\n

The company expects 2021 second quarter net income of $31 million to $34 million, compared to $20.5 million in the 2021 first quarter and $5.5 million in the 2019 second quarter,\u201d according to an Everi statement. \u201cDiluted earnings per share are expected to be $0.31 to $0.34 compared to $0.21 per share in the 2021 first quarter and $0.07 per share in the 2019 second quarter.\u201d<\/p><\/blockquote>\n

The fintech provider adds second-quart adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) will be $87 million to $91 million. That beats the $75.4 million notched in the first quarter and the $64.1 million delivered in the same quarter two years ago.<\/p>\n

Analysts Loving Everi Stock<\/h2>\n

Prior to today’s announcement, analysts were mostly enthusiastic<\/a> about Everi. But that bullishness is being enhanced by the positive pre-announcement on second-quarter and the gaming device maker’s plans to reduce debt.<\/p>\n

\n

Three weeks after revealing a $33 price target on Everi stock, B. Riley analyst David Bain ratchets that estimate to $38 on the basis of the company’s earnings update. He raises his 2021, 2022, and 2023 EBITDA forecasts on the name by nine percent, eight percent, and seven percent, respectively. His new price outlook implies upside of 79 percent from the June 18 close, and he sees another catalyst for the shares.<\/p>\n<\/div>\n

\u201cBeyond today’s announcement, we believe EVRI continues in advanced-stage discussions with several multi-property, multi-jurisdictional operators with an online presence about digital wallet installations, and continue to believe 3Q21 will mark its next major digital wallet installation,\u201d said Bain in a note to clients.<\/p>\n

Stifel analyst Jeffery Stantial also delivered bullish commentary on Everi a week after<\/a> reiterating a \u201cbuy\u201d rating on the gaming machine maker with a $25 price target.<\/span><\/strong><\/p>\n

\u201cManagement’s commentary on gaming ops reinforces our expectations for continued share gains, with notable momentum in the premium segment. EVRI citing Q2 slot shipments up Q\/Q is also encouraging, though it is unclear how much is being driven by new openings vs. accelerating replacement rates,\u201d said Stantial in a note. \u201cAll told, we continue to see further upside in the shares and reiterate our Buy rating.\u201d<\/p>\n

Everi Firming Its Balance Sheet<\/h2>\n

Thanks to the earnings forecast, Everi expects free cash flow of $32 million to $36 million for the current quarter, as cash on hand rose to $360.8 million as of May 31 from $335.1 million on March 31.<\/span><\/p>\n

Contributing to the upside in Everi stock today is the company’s plan to capitalize on favorable market conditions to reduce its debt burden.<\/a><\/p>\n

\u201cEveri plans to refinance its $35 million Revolving Credit Facility due 2022, and its $820 million Term Loan Facility due 2024, prepay in full its $125 million Incremental Term Loan Facility due 2024, and redeem the $285.4 million of Unsecured Notes due 2025,\u201d <\/strong>according to the company.<\/p>\n

By refinancing $1.14 billion in debt, Everi will have $1 billion in outstanding obligations and access to a new $125 million credit revolver.<\/p>\n","protected":false},"excerpt":{"rendered":"

Everi Holdings (NYSE:EVRI) stock is soaring Monday. That’s after the gaming machine manufacturer pre-announced second-quarter results that top Wall Street forecasts, while revealing plans to refinance debt at favorable terms. The announcement by the Las Vegas-based company has the shares higher by 7.10 percent in midday, extending a run in which the stock gained 53.58 […]<\/p>\n","protected":false},"author":46,"featured_media":177089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nEveri Stock Rallies Following Bullish Q2 Earnings Forecast<\/title>\n<meta name=\"description\" content=\"Everi stock soars after companies forecasts impressive second-quarter earnings beat, debt reduction plan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everi Stock Rallies Following Bullish Q2 Earnings Forecast\" \/>\n<meta property=\"og:description\" content=\"Everi stock soars after companies forecasts impressive second-quarter earnings beat, debt reduction plan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-21T16:19:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-22T00:45:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/everi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1180\" \/>\n\t<meta property=\"og:image:height\" content=\"787\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/\",\"url\":\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/\",\"name\":\"Everi Stock Rallies Following Bullish Q2 Earnings Forecast\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/everi.jpg\",\"datePublished\":\"2021-06-21T16:19:40+00:00\",\"dateModified\":\"2021-06-22T00:45:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Everi stock soars after companies forecasts impressive second-quarter earnings beat, debt reduction plan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/everi-stock-rallies-following-bullish-q2-earnings-forecast\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/everi.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/06\/everi.jpg\",\"width\":1180,\"height\":787,\"caption\":\"Executives from Everi ring the bell at the New York Stock Exchange in 2015. 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