Boyd Gaming Corp Earnings Cheat Sheet: After Three Quarters of Losses, Back to Profitability

Boyd Gaming Corporation (NYSE:BYD) posted lower net income in the third quarter compared with a year-earlier period. Boyd Gaming owns and operates casino entertainment facilities located in Nevada, Mississippi, Illinois, Louisiana, and Indiana.

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Boyd Gaming Earnings Cheat Sheet for the Third Quarter

Results: Net income for the resort and casino company fell to $3.1 million (4 cents per share) vs. $5.6 million (6 cents per share) a year earlier. This is a decline of 44.4% from the year earlier quarter.

Revenue: Fell 0.9% to $590.2 million from the year earlier quarter.

Actual vs. Wall St. Expectations: BYD reported adjusted net income of 5 cents per share. By that measure, the company beat the mean estimate of one cent per share. Analysts were expecting revenue of $596.9 million.

Quoting Management: Commenting on the quarter, Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, “Our business continued to show improvement as we achieved EBITDA growth in our wholly-owned operations for the third straight quarter. Our strategy of building a diversified portfolio and maintaining an exceptional customer experience, while keeping a tight rein on costs, is delivering strong results.”

Key Stats:

The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by one cent, and in the first quarter, it fell short by 2 cents.

The company’s profit in the latest quarter follows losses in the three previous quarters. The company reported a net loss of $3 million in the second quarter, a loss of $3.5 million in the first quarter and a loss of $7.1 million in the fourth of the last fiscal year.

Revenue has fallen in the past two quarters. In the second quarter, revenue declined 0.7% to $574.4 million from the year earlier quarter.

Looking Forward: Analysts seem more positive about the company’s results for the next quarter than three months ago. The average estimate for the fourth quarter has moved from a loss of 3 cents a share to a loss of 2 cents over the last ninety days. For the fiscal year, the average estimate has moved from a loss of one cent a share to a loss of 2 cents over the last seven days.

Competitors to Watch: MGM Resorts International. (NYSE:MGM), Wynn Resorts, Limited (NASDAQ:WYNN), Las Vegas Sands Corp. (NYSE:LVS), Pinnacle Entertainment, Inc (NYSE:PNK), Century Casinos, Inc. (NASDAQ:CNTY), Ameristar Casinos, Inc. (NASDAQ:ASCA), Trans World Corporation (TWOC), Monarch Casino & Resort, Inc. (NASDAQ:MCRI), Asia Entertainment & Resources Ltd. (NASDAQ:AERL), and Archon Corporation (ARHND).

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(Source: Xignite Financials)

 

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