Boyd Gaming Earnings Cheat Sheet: Expected Growth for Remainder of 2011
Boyd Gaming Corporation (NASDAQ:BYD) swung to a loss in the first quarter, missing analysts’ forecast. Boyd Gaming Corporation owns and operates casino entertainment facilities located in Nevada, Mississippi, Illinois, Louisiana and Indiana.
Boyd Gaming Earnings Cheat Sheet for the First Quarter
Results: Swung to a loss of $3.5 million (4 cents/diluted share) in the quarter. The Boyd Gaming Corporation had a net income of $8.4 million or 10 cents per share in the year earlier quarter.
Revenue: Rose 36.1% to $564.9 million YoY.
Actual vs. Wall St. Expectations: BYD reported an adjusted net loss of of one cent/share. By that measure, the company fell short of mean estimate of a profit of one cent/share. Estimates ranged from a loss of 5 cents per share to a profit of 5 cents per share.
Quoting Management: Commenting on the quarter, Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, “We continued to see improvement in our business during the quarter. Our wholly-owned operations achieved quarterly EBITDA growth for the first time since the recession began, giving us confidence that we have reached a turning point for our Company. We expect to see further growth through the remainder of this year.”
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)
Stock Performance: Shares of BYD are up 8 cents to $9 per share in pre-market trading.