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Boyd Gaming (BYD) Q2 Earnings & Revenues Beat Estimates

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Boyd Gaming Corporation (BYD - Free Report) reported solid second-quarter 2021 results, wherein both earnings and revenues beat the Zacks Consensus Estimate and improved year over year. Both the metrics surpassed their respective consensus mark for the fourth straight quarter.

In this Regard, president and CEO of Boyd Gaming, Keith Smith said, “Our second-quarter results reflect the strength of our operating strategy as our streamlined cost structure, enhanced capabilities and focus on our core customers all continue to drive strong results throughout our portfolio.”

Q2 Earnings and Revenues

In the quarter under review, adjusted earnings per share was $1.54, outpacing the Zacks Consensus Estimate of 92 cents by 67.4%. The metric improved significantly from prior-year quarter’s loss of 98 cents per share.

Total revenues of $893.6 million beat the consensus mark of $782 million by 14.3%. The top line increased 325.8% on a year-over-year basis.

Total adjusted EBITDAR during the reported quarter amounted to $409 million, compared with $28.3 million in the prior-year quarter. Property adjusted EBITDAR margins came in at 45.8%, up significantly from 13.5% in the year-ago quarter.

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 Detail

Las Vegas Locals

During the second quarter of 2021, revenues at the segment amounted to $236.1 million, up 384.9% year over year. The segment’s adjusted EBITDAR totaled $133.6 million, up from $2.9 million in the year-ago quarter. During the quarter under review, operating margin rose more than 5,071 basis points (bps) year over year to 56.6%.

Downtown Las Vegas

During the second quarter, revenues at the segment rose 731.5% from the prior-year quarter’s figure to $38.8 million. Adjusted EBITDAR was $15.4 million, against ($7.2) million reported in the year-ago quarter.

Midwest and South Segment

During the first quarter, revenues at the segment increased 295.3% year over year to $618.7 million. Adjusted EBITDAR amounted to $260 million, up 696.2% year over year. Operating margin during the quarter rose approximately 2,116 bps year over year to 42% on solid operating performance.

Other Financial Details

As of Jun 30, 2021, the company had cash on hand of $334.5 million, compared with $519.2 million as on Dec 31, 2020. Total debt during the second quarter amounted to $3.39 billion compared with $3.94 billion in first-quarter 2021.

Zacks Rank

Boyd Gaming, which shares space with MGM Resorts International (MGM - Free Report) , Penn National Gaming, Inc. (PENN - Free Report) and Red Rock Resorts, Inc. (RRR - Free Report) , currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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