Shares of Everi Holdings (EVRI 3.49%), a provider of land-based and digital casino gaming solutions, jumped on Tuesday. The stock rose as much as 12.7%. But as of 1:10 p.m. ET, shares were up 6.9%.
The gambling company's stock was up because of Everi's impressive first-quarter results. First-quarter revenue increased 26% year over year, aided by strength in the company's recurring revenue streams. The quarter's financials were well ahead of analysts' consensus forecasts.
Everi's first-quarter revenue increased from $139.1 million in the year-ago period to $175.6 million. Analysts, on average, were expecting revenue of $168.7 million. Earnings per share of $0.31 was also ahead of analysts' average forecast for EPS of $0.28.
"We delivered record first quarter financial results, including revenues, net income, Adjusted EBITDA, and Free Cash Flow," said Everi CEO Randy Taylor in the company's first-quarter earnings release.
Taylor continued: "Our performance was a strong start to the year and reflects our talented global workforce's successful delivery of innovative, high-value solutions that continue to generate increased demand due to their ability to help our customers grow their businesses and improve their cost efficiencies."
Looking ahead, management said it still expects top-line growth for the full year. Further, the company lifted its guidance for its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Everi now expects adjusted EBITDA for the full year to be between $368 million and $378 million. Previously, management was expecting adjusted EBITDA between $368 million and $376 million.