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Boyd Gaming Corporation (BYD - Free Report) reported decent third-quarter 2022 results, with earnings and revenues beating the Zacks Consensus Estimate. Both metrics surpassed their respective consensus mark for the 10th straight quarter. Also, the top and the bottom line increased on a year-over-year basis.
Keith Smith, president and chief executive officer of Boyd Gaming, stated, “Our strong operating performance is producing robust free cash flow, allowing us to return nearly $500 million in capital to our shareholders so far this year. Overall, we are encouraged by the resiliency of our business, and remain confident in our strategy and our ability to deliver consistent results in the current economic environment.”
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) were $1.48, outpacing the Zacks Consensus Estimate of $1.28 by 15.6%. In the prior-year quarter, the company reported an adjusted EPS of $1.30.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Total revenues of $877.3 million beat the consensus mark of $853 million by 2.8%. The top line increased 4.1% on a year-over-year basis. The upside was primarily backed by a rise in non-gaming revenues (owing to improvements in hotel reservations), solid customer spending and strong F&B business.
Total adjusted EBITDAR during the reported quarter amounted to $337.7 million compared with $340.7 million reported in the prior-year quarter. Property adjusted EBITDAR margins came in at 41% compared with 42.8% reported in the year-ago quarter.
Segmental Detail
Las Vegas Locals
During third-quarter 2022, revenues in the segment amounted to $225.8 million compared with $231.3 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $111.7 million, down 10.9% from $125.4 million reported in the year-ago quarter’s levels.
Downtown Las Vegas
During the quarter, revenues in the segment increased 17.5% year over year to $49.5 million. Adjusted EBITDAR was $17.7 million compared with $13.2 million reported in the year-ago quarter.
Midwest and South Segment
During the second quarter, revenues in the segment amounted to $602 million compared with $569.7 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $230.2 million, up 3.7% from $222.1 million reported in the year-ago quarter’s levels.
Operating Highlights
During third-quarter 2022, the company’s total operating costs and expenses came in at $639.8 million compared with $619.9 million reported in the year-ago quarter. During the quarter, selling, distribution and administration expenses came in at $93 million compared with $91.2 million reported in the prior-year quarter.
Balance Sheet
As of Sep 30, 2022, the company had cash on hand of $252.3 million compared with $250.2 million as of Jun 30, 2022. Total debt during third-quarter 2022 amounted to $2.91 billion, almost flat sequentially.
During the quarter, the company repurchased shares of its common stock worth approximately $135 million. As of Sep 30, the company stated the availability of approximately $346 million under its repurchase program.
Other Updates
During the quarter, the company reported progress with respect to its previously-announced acquisition of Pala Interactive. Valued at $170 million, the company anticipates closing the deal by 2022 end, subject to regulatory approvals.
Apart from this, the company announced the opening of Sky River Casino (near Sacramento, California) on Aug 15, 2022. Also, it initiated a seven-year management agreement to operate the property on behalf of the Wilton Rancheria Tribe.
Crocs sports a Zacks Rank #1 (Strong Buy). CROX has a long-term earnings growth rate of 15%. Shares of Crocs have decreased 48.5% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 49.7% and 20.7%, respectively, from the year-ago period’s levels.
Hyatt sports a Zacks Rank #1. H has a trailing four-quarter earnings surprise of 798.8%, on average. The stock has inched up 8% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 89.1% and 113%, respectively, from the year-ago period’s reported levels.
Live Nation sports a Zacks Rank #1. LYV has a trailing four-quarter earnings surprise of 70.7%, on average. The stock has declined 19.2% in the past year.
The Zacks Consensus Estimate for LYV’s current financial year sales and EPS indicates growth of 130.8% and 117.2%, respectively, from the year-ago period’s reported levels.
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Boyd Gaming (BYD) Q3 Earnings & Revenues Beat Estimates
Boyd Gaming Corporation (BYD - Free Report) reported decent third-quarter 2022 results, with earnings and revenues beating the Zacks Consensus Estimate. Both metrics surpassed their respective consensus mark for the 10th straight quarter. Also, the top and the bottom line increased on a year-over-year basis.
Keith Smith, president and chief executive officer of Boyd Gaming, stated, “Our strong operating performance is producing robust free cash flow, allowing us to return nearly $500 million in capital to our shareholders so far this year. Overall, we are encouraged by the resiliency of our business, and remain confident in our strategy and our ability to deliver consistent results in the current economic environment.”
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) were $1.48, outpacing the Zacks Consensus Estimate of $1.28 by 15.6%. In the prior-year quarter, the company reported an adjusted EPS of $1.30.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote
Total revenues of $877.3 million beat the consensus mark of $853 million by 2.8%. The top line increased 4.1% on a year-over-year basis. The upside was primarily backed by a rise in non-gaming revenues (owing to improvements in hotel reservations), solid customer spending and strong F&B business.
Total adjusted EBITDAR during the reported quarter amounted to $337.7 million compared with $340.7 million reported in the prior-year quarter. Property adjusted EBITDAR margins came in at 41% compared with 42.8% reported in the year-ago quarter.
Segmental Detail
Las Vegas Locals
During third-quarter 2022, revenues in the segment amounted to $225.8 million compared with $231.3 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $111.7 million, down 10.9% from $125.4 million reported in the year-ago quarter’s levels.
Downtown Las Vegas
During the quarter, revenues in the segment increased 17.5% year over year to $49.5 million. Adjusted EBITDAR was $17.7 million compared with $13.2 million reported in the year-ago quarter.
Midwest and South Segment
During the second quarter, revenues in the segment amounted to $602 million compared with $569.7 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $230.2 million, up 3.7% from $222.1 million reported in the year-ago quarter’s levels.
Operating Highlights
During third-quarter 2022, the company’s total operating costs and expenses came in at $639.8 million compared with $619.9 million reported in the year-ago quarter. During the quarter, selling, distribution and administration expenses came in at $93 million compared with $91.2 million reported in the prior-year quarter.
Balance Sheet
As of Sep 30, 2022, the company had cash on hand of $252.3 million compared with $250.2 million as of Jun 30, 2022. Total debt during third-quarter 2022 amounted to $2.91 billion, almost flat sequentially.
During the quarter, the company repurchased shares of its common stock worth approximately $135 million. As of Sep 30, the company stated the availability of approximately $346 million under its repurchase program.
Other Updates
During the quarter, the company reported progress with respect to its previously-announced acquisition of Pala Interactive. Valued at $170 million, the company anticipates closing the deal by 2022 end, subject to regulatory approvals.
Apart from this, the company announced the opening of Sky River Casino (near Sacramento, California) on Aug 15, 2022. Also, it initiated a seven-year management agreement to operate the property on behalf of the Wilton Rancheria Tribe.
Zacks Rank & Other Key Picks
Boyd Gaming currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Crocs, Inc. (CROX - Free Report) , Hyatt Hotels Corporation (H - Free Report) and Live Nation Entertainment, Inc. (LYV - Free Report) .
Crocs sports a Zacks Rank #1 (Strong Buy). CROX has a long-term earnings growth rate of 15%. Shares of Crocs have decreased 48.5% in the past year.
The Zacks Consensus Estimate for CROX’s 2022 sales and EPS indicates a rise of 49.7% and 20.7%, respectively, from the year-ago period’s levels.
Hyatt sports a Zacks Rank #1. H has a trailing four-quarter earnings surprise of 798.8%, on average. The stock has inched up 8% in the past year.
The Zacks Consensus Estimate for H’s current financial year sales and EPS indicates a surge of 89.1% and 113%, respectively, from the year-ago period’s reported levels.
Live Nation sports a Zacks Rank #1. LYV has a trailing four-quarter earnings surprise of 70.7%, on average. The stock has declined 19.2% in the past year.
The Zacks Consensus Estimate for LYV’s current financial year sales and EPS indicates growth of 130.8% and 117.2%, respectively, from the year-ago period’s reported levels.