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Boyd Gaming (BYD) Stock Up on Q1 Earnings & Revenue Beat
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Boyd Gaming Corporation (BYD - Free Report) reported first-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Both metrics surpassed consensus mark for the 12th straight quarter. Also, the top and bottom lines increased on a year-over-year basis.
Following the announcement, shares of the company moved up 2.1% during the after-hours trading session on Apr 25.
The Zacks Rank #2 (Buy) company’s results in the quarter benefited from record performances in the Las Vegas Locals and Downtown segments. Sharp increase in online operations and management fees from Sky River Casino also drove BYD’s results during the quarter.
Robust tourism trend across Las Vegas Valley has remained a positive for Boyd Gaming. In the last 12 months, more than 40 million people visited Las Vegas, up 16% year over year.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) of $1.71 outpaced the Zacks Consensus Estimate of $1.51 by 13.3%. In the prior-year quarter, the company reported an adjusted EPS of $1.40.
Total revenues of $964 million beat the consensus mark of $889 million by 8.8%. The top line increased 12% on a year-over-year basis. The upside was primarily backed by solid contributions from online gaming, management fees (from Sky River Casino), non-gaming operations and growth in destination business.
Total adjusted EBITDAR during the reported quarter amounted to $367.1 million compared with $338.8 million in the prior-year quarter. Property-adjusted EBITDAR margin was 40.4% compared with 41.9% reported in the year-ago quarter.
During first-quarter 2023, revenues amounted to $240.3 million compared with $227.6 million reported in the prior-year quarter. Adjusted EBITDAR totaled $126.2 million compared with $118.7 million reported in the year-ago quarter’s levels.
Downtown Las Vegas
During the quarter, revenues increased 14.3% year over year to $56.6 million. Adjusted EBITDAR was $22.4 million compared with $18.4 million reported in the year-ago quarter.
Midwest and South Segment
During the quarter under reviw, revenues amounted to $512.2 million compared with $517.1 million reported in the prior-year quarter. Adjusted EBITDAR totaled $198.7 million compared with $212.2 million reported in the year-ago quarter’s levels.
Operating Highlights
During first-quarter 2023, the company’s total operating costs and expenses were $679.1 million compared with $609.7 million reported in the year-ago quarter. Selling, general and administrative expenses amounted to $100.3 million compared with $92.1 million reported in the prior-year quarter.
Balance Sheet
As of Mar 31, Boyd Gaming had cash on hand of $263.5 million compared with $283.5 million as of Dec 31, 2022. Total debt amounted to $3 billion compared with $3.1 billion reported in the prior-year quarter.
During the quarter, the company repurchased shares of its common stock worth approximately $106 million. As of Mar 31, BYD stated the availability of approximately $133 million under its repurchase program.
Hilton Grand Vacations currently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of HGV have declined 5.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HGV’s 2023 sales and EPS indicates rises of 7.3% and 3.4%, respectively, from the year-ago period’s levels.
Crocs carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 118.3% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates increases of 12.5% and 3.3%, respectively, from the year-ago period’s levels.
PlayAGS carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 133.3%, on average. The stock has declined 19.8% in the past year.
The Zacks Consensus Estimate for AGS 2023 sales indicates improvements of 3% from the year-ago period’s levels.
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Boyd Gaming (BYD) Stock Up on Q1 Earnings & Revenue Beat
Boyd Gaming Corporation (BYD - Free Report) reported first-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Both metrics surpassed consensus mark for the 12th straight quarter. Also, the top and bottom lines increased on a year-over-year basis.
Following the announcement, shares of the company moved up 2.1% during the after-hours trading session on Apr 25.
The Zacks Rank #2 (Buy) company’s results in the quarter benefited from record performances in the Las Vegas Locals and Downtown segments. Sharp increase in online operations and management fees from Sky River Casino also drove BYD’s results during the quarter.
Robust tourism trend across Las Vegas Valley has remained a positive for Boyd Gaming. In the last 12 months, more than 40 million people visited Las Vegas, up 16% year over year.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) of $1.71 outpaced the Zacks Consensus Estimate of $1.51 by 13.3%. In the prior-year quarter, the company reported an adjusted EPS of $1.40.
Total revenues of $964 million beat the consensus mark of $889 million by 8.8%. The top line increased 12% on a year-over-year basis. The upside was primarily backed by solid contributions from online gaming, management fees (from Sky River Casino), non-gaming operations and growth in destination business.
Total adjusted EBITDAR during the reported quarter amounted to $367.1 million compared with $338.8 million in the prior-year quarter. Property-adjusted EBITDAR margin was 40.4% compared with 41.9% reported in the year-ago quarter.
Boyd Gaming Corporation Price and EPS Surprise
Boyd Gaming Corporation price-eps-surprise | Boyd Gaming Corporation Quote
Segmental Details
Las Vegas Locals
During first-quarter 2023, revenues amounted to $240.3 million compared with $227.6 million reported in the prior-year quarter. Adjusted EBITDAR totaled $126.2 million compared with $118.7 million reported in the year-ago quarter’s levels.
Downtown Las Vegas
During the quarter, revenues increased 14.3% year over year to $56.6 million. Adjusted EBITDAR was $22.4 million compared with $18.4 million reported in the year-ago quarter.
Midwest and South Segment
During the quarter under reviw, revenues amounted to $512.2 million compared with $517.1 million reported in the prior-year quarter. Adjusted EBITDAR totaled $198.7 million compared with $212.2 million reported in the year-ago quarter’s levels.
Operating Highlights
During first-quarter 2023, the company’s total operating costs and expenses were $679.1 million compared with $609.7 million reported in the year-ago quarter. Selling, general and administrative expenses amounted to $100.3 million compared with $92.1 million reported in the prior-year quarter.
Balance Sheet
As of Mar 31, Boyd Gaming had cash on hand of $263.5 million compared with $283.5 million as of Dec 31, 2022. Total debt amounted to $3 billion compared with $3.1 billion reported in the prior-year quarter.
During the quarter, the company repurchased shares of its common stock worth approximately $106 million. As of Mar 31, BYD stated the availability of approximately $133 million under its repurchase program.
Other Key Picks
Some other top-ranked stocks in the Zacks Consumer Discretionary sector are Hilton Grand Vacations Inc. (HGV - Free Report) , Crocs, Inc. (CROX - Free Report) and PlayAGS, Inc. (AGS - Free Report) .
Hilton Grand Vacations currently sports a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 12.1%, on average. Shares of HGV have declined 5.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for HGV’s 2023 sales and EPS indicates rises of 7.3% and 3.4%, respectively, from the year-ago period’s levels.
Crocs carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 21.8%, on average. Shares of Crocs have increased 118.3% in the past year.
The Zacks Consensus Estimate for CROX’s 2023 sales and EPS indicates increases of 12.5% and 3.3%, respectively, from the year-ago period’s levels.
PlayAGS carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 133.3%, on average. The stock has declined 19.8% in the past year.
The Zacks Consensus Estimate for AGS 2023 sales indicates improvements of 3% from the year-ago period’s levels.