Boyd Gaming Earnings Cheat Sheet: Revenue Falls After Four Straight Quarters of Rising

Boyd Gaming Corporation (NASDAQ:BYD) reported its results for the second quarter. Boyd Gaming Corporation 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 Second Quarter

Results: Swung to a loss of $3 million (3 cents per diluted share) in the quarter. Boyd Gaming Corporation had a net income of $3.4 million or 4 cents per share in the year earlier quarter.

Revenue: Fell 0.7% to $574.4 million from the year earlier quarter.

Actual vs. Wall St. Expectations: BYD reported adjusted net income of one cent per share. By that measure, the company fell short of mean estimate of 2 cents per share. Analysts were expecting revenue of $578.8 million.

Quoting Management: Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, “Our results for the second quarter reflect continued positive momentum in our business. The improvements during the quarter were broad-based, as all three operating regions posted year-over-year EBITDA gains, and operating margins in our wholly-owned business rose by 240 basis points. We were especially pleased with the continued strong performance of our Midwest and South properties, which reported a 19% EBITDA gain for the region’s third consecutive quarter of growth.”

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 49.5%.

The company has now missed analyst estimates for the last four quarters. It fell short by 2 cents in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by 4 cents in the third quarter of the last fiscal 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),  Monarch Casino & Resort, Inc. (NASDAQ:MCRI), Asia Entertainment & Resources Ltd. (NASDAQ:AERL).

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(Source: Xignite Financials)