Back to top

Image: Bigstock

Boyd Gaming (BYD) Q4 Earnings & Revenues Beat Estimates

Read MoreHide Full Article

Boyd Gaming Corporation (BYD - Free Report) reported solid fourth-quarter 2019 results, with earnings and revenues beating the Zacks Consensus Estimate. Moreover, the top and the bottom line increased on a year-over-year basis. Notably, shares of the company increased nearly 2% on Feb 20, following the results.

Let’s Discuss

In the quarter under review, adjusted earnings came in at 50 cents per share. The figure beat the Zacks Consensus Estimate of 47 cents. The bottom line surged 56.3% year over year on strong revenues and higher margins.

Total revenues of $833.1 million in the reported quarter beat the consensus mark of $825 million. Moreover, the top line moved up 5.2% year over year on the back of strong segmental performance.

Total adjusted EBITDAR during the reported quarter totaled $227.6 million, up 9.1% year over year.

Boyd Gaming Corporation Price, Consensus and EPS Surprise

 

Boyd Gaming Corporation Price, Consensus and EPS Surprise

Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote

 

Segmental Details

Las Vegas Locals

Revenues in this segment amounted to $223.9 million, up 0.6% year over year. Moreover, the segment’s adjusted EBITDAR increased 0.3% to $73.3 million from $73 million in the year-ago quarter. This segment recorded the highest fourth-quarter adjusted EBITDAR since 2005. Adjusted EBITDAR margins rose nearly 350 basis points (bps).

Downtown Las Vegas

Revenues in the segment moved up 3.4% from the prior-year quarter’s figure to $69.6 million. Adjusted EBITDAR of $19.6 million also increased 6.5% from $18.4 million in the prior-year quarter. The upside was primarily driven by consistent strength in Hawaiian customer segments and strong pedestrian traffic throughout the downtown area.

Midwest and South Segment

Revenues in this segment increased 7.6% from the year-ago quarter’s figure to $539.7 million. Adjusted EBITDAR was $157.4 million, up 11.1% from $141.8 million in the year-ago quarter. The company's five newly-acquired properties generated adjusted EBITDAR growth of approximately 6% from the prior-year quarter’s levels. Notably, the performance was backed by solid operating results in the newly-acquired Ameristar and Belterra properties.

Other Financial Details

As of Dec 31, 2019, the company had cash on hand of $250 million. Total debt amounted to $3.81 billion.

2019 Highlights

In 2019, total revenues amounted to $3.33 billion compared with $2.63 billion in 2018.

Adjusted earnings per share for the year ended Dec 31, 2019 was at $1.79 compared with $1.33 in 2018.

Adjusted EBITDAR was $896.7 million compared with $681.3 million in 2018.

2020 Guidance

For 2020, Boyd Gaming expects total adjusted EBITDAR in the range of $915-$935 million.

Zacks Rank & Key Picks

Boyd Gaming currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the same space are Caesars Entertainment Corporation (CZR - Free Report) , Churchill Downs Incorporated (CHDN - Free Report) and SciPlay Corporation , each carrying a Zacks Rank #2 (Buy).

Caesars Entertainment 2020 earnings are expected to surge 100.7%.

Churchill Downs has a three-five year expected EPS growth rate of 20%.

SciPlay 2020 earnings are expected to rise 45.8%.

More Stock News: This Is Bigger than the iPhone!                   

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.  

Click here for the 6 trades >>

Published in