Boyd Gaming Corp Earnings: Swings to a Profit, Topping Analysts’ Estimates

Boyd Gaming Corporation (NYSE:BYD) reported its results for the first quarter. 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 First Quarter

Results: Reported a profit of $5.8 million (7 cents per diluted share) in the quarter. Boyd Gaming Corporation had a net loss of $3.5 million or a loss 4 cents per share in the year-earlier quarter.

Revenue: Rose 12% to $633.1 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Boyd Gaming Corporation reported adjusted net income of 10 cents per share. By that measure, the company beat the mean estimate of 8 cents per share. It fell short of the average revenue estimate of $624.2 million.

Quoting Management: “Our first quarter results were led by strong performances at our properties outside of Nevada, with double-digit EBITDA growth at a majority of our properties,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming. “We were particularly pleased that the IP was accretive to EPS during the first full quarter since we acquired it, generating significant EBITDA growth even before most synergies have been fully realized. These results were only a preview of the IP’s full potential, and show the tremendous value of this acquisition.”

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the fourth quarter of the last fiscal year with a loss of 3 cents versus a mean estimate of a loss of one cent per share.

The company reported a profit last quarter, following a quarter of being in the red. In the third quarter of the last fiscal year, the company booked a net loss of $3.1 million, or a loss of 4 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 12 cents a share to 11 cents over the last sixty days. The average estimate for the fiscal year has remained at 27 cents per share.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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