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Boyd Gaming (BYD) Q3 Earnings Miss Estimates, Revenues Top
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Boyd Gaming Corporation (BYD - Free Report) reported mixed third-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure. Following the results, shares of the company dropped 3.6% during the after-hours trading session.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) of $1.36 missed the Zacks Consensus Estimate of $1.44 by 5.6%. In the prior-year quarter, BYD reported adjusted EPS of $1.48.
Total revenues of $903.1 million surpassed the consensus estimate of $873 million by 3.4%. The top line increased 3% on a year-over-year basis. Solid contributions from Sky River, online gaming and non-gaming businesses primarily backed the upside.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Total adjusted EBITDAR amounted to $320.8 million compared with $337.7 million reported in the prior-year quarter.
Segmental Details
Las Vegas Locals
Revenues of $221.8 million dipped 1.8% from the prior-year quarter. Our estimate for the metric was $229.1 million. Adjusted EBITDAR totaled $106 million compared with $111.7 million reported in the year-ago quarter.
Downtown Las Vegas
During the third quarter, the segment revenues reached $49.5 million, almost flat sequentially. Adjusted EBITDAR was $15.9 million compared with $17.7 million reported in the year-ago quarter.
Midwest and South Segment
Revenues of $513 million fell 2.8% from the year-earlier quarter. Our model estimated the metric to decrease by 0.6% year over year. Adjusted EBITDAR totaled $190.6 million compared with $211.3 million in the year-ago period.
Operating Highlights
During third-quarter 2023, the company’s total operating costs and expenses were $685.3 million, up 7.1% year over year. Selling, general and administrative expenses of $99.9 million rose 7.5% from the year-ago quarter’s levels.
Balance Sheet
As of Sep 30, Boyd Gaming had cash on hand of $269.2 million compared with $260.8 million as of Jun 30, 2023. Total debt during the quarter came in at $2.9 billion compared with $3 billion reported in the previous quarter.
During the quarter, the company repurchased shares of its common stock worth $106 million. As of Sep 30, BYD stated the availability of $426 million under its repurchase program.
Zacks Rank & Key Picks
Boyd Gaming currently carries a Zacks Rank #3 (Hold).
Live Nation Entertainment, Inc. (LYV - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 34.6% on average. Shares of LYV have declined 3.8% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a rise of 21.6% and 59.4%, respectively, from the year-ago period’s levels.
YETI Holdings, Inc. (YETI - Free Report) sports a Zacks Rank #1. YETI has a trailing four-quarter earnings surprise of 11.3% on average. Shares of the company have gained 35% in the past year.
The Zacks Consensus Estimate for YETI’s 2024 sales and EPS indicates a rise of 9.9% and 18.5%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Limited (OSW - Free Report) carries a Zacks Rank #2 (Buy). OSW has a trailing four-quarter earnings surprise of 42.6% on average. Shares of OSW have increased by 10.1% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 44.5% and 117.9%, respectively, from the year-ago period’s levels.
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Boyd Gaming (BYD) Q3 Earnings Miss Estimates, Revenues Top
Boyd Gaming Corporation (BYD - Free Report) reported mixed third-quarter 2023 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure. Following the results, shares of the company dropped 3.6% during the after-hours trading session.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) of $1.36 missed the Zacks Consensus Estimate of $1.44 by 5.6%. In the prior-year quarter, BYD reported adjusted EPS of $1.48.
Total revenues of $903.1 million surpassed the consensus estimate of $873 million by 3.4%. The top line increased 3% on a year-over-year basis. Solid contributions from Sky River, online gaming and non-gaming businesses primarily backed the upside.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote
Total adjusted EBITDAR amounted to $320.8 million compared with $337.7 million reported in the prior-year quarter.
Segmental Details
Las Vegas Locals
Revenues of $221.8 million dipped 1.8% from the prior-year quarter. Our estimate for the metric was $229.1 million. Adjusted EBITDAR totaled $106 million compared with $111.7 million reported in the year-ago quarter.
Downtown Las Vegas
During the third quarter, the segment revenues reached $49.5 million, almost flat sequentially. Adjusted EBITDAR was $15.9 million compared with $17.7 million reported in the year-ago quarter.
Midwest and South Segment
Revenues of $513 million fell 2.8% from the year-earlier quarter. Our model estimated the metric to decrease by 0.6% year over year. Adjusted EBITDAR totaled $190.6 million compared with $211.3 million in the year-ago period.
Operating Highlights
During third-quarter 2023, the company’s total operating costs and expenses were $685.3 million, up 7.1% year over year. Selling, general and administrative expenses of $99.9 million rose 7.5% from the year-ago quarter’s levels.
Balance Sheet
As of Sep 30, Boyd Gaming had cash on hand of $269.2 million compared with $260.8 million as of Jun 30, 2023. Total debt during the quarter came in at $2.9 billion compared with $3 billion reported in the previous quarter.
During the quarter, the company repurchased shares of its common stock worth $106 million. As of Sep 30, BYD stated the availability of $426 million under its repurchase program.
Zacks Rank & Key Picks
Boyd Gaming currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
Live Nation Entertainment, Inc. (LYV - Free Report) sports a Zacks Rank #1 (Strong Buy). The company has a trailing four-quarter earnings surprise of 34.6% on average. Shares of LYV have declined 3.8% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS indicates a rise of 21.6% and 59.4%, respectively, from the year-ago period’s levels.
YETI Holdings, Inc. (YETI - Free Report) sports a Zacks Rank #1. YETI has a trailing four-quarter earnings surprise of 11.3% on average. Shares of the company have gained 35% in the past year.
The Zacks Consensus Estimate for YETI’s 2024 sales and EPS indicates a rise of 9.9% and 18.5%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Limited (OSW - Free Report) carries a Zacks Rank #2 (Buy). OSW has a trailing four-quarter earnings surprise of 42.6% on average. Shares of OSW have increased by 10.1% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 44.5% and 117.9%, respectively, from the year-ago period’s levels.