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Boyd Gaming (BYD) Q4 Earnings Surpass Estimates, Stock Up
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Boyd Gaming Corporation (BYD - Free Report) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Following the announcement, shares of the company moved up 5.1% during the after-hours trading session on Feb 8.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) were $1.66, outpacing the Zacks Consensus Estimate of $1.43 by 16.1%. In the prior-year quarter, the company reported an adjusted EPS of $1.72.
Total revenues of $954.4 million beat the consensus mark of $922.9 million by 3.4%. The top line increased 3.4% on a year-over-year basis. The company’s diversified portfolio, consistent core customer trends and solid returns from its recent property investments primarily backed the upside.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Total adjusted EBITDAR during the reported quarter amounted to $355.5 million compared with $360.1 million reported in the prior-year quarter.
Segmental Detail
Las Vegas Locals
During fourth-quarter 2023, revenues in the segment amounted to $235.1 million, down 2.4% from the prior-year quarter. The segment’s adjusted EBITDAR totaled $120.4 million compared with $125.9 million reported in the year-ago quarter.
Downtown Las Vegas
Revenues from the segment increased 1.4% year over year to $63.3 million. Adjusted EBITDAR was $27.6 million compared with $27.8 million reported in the year-ago quarter.
Midwest and South Segment
Revenues of $497.9 million rose 0.3% from the year-earlier quarter. The segment’s adjusted EBITDAR totaled $190.6 million compared with $188.4 million reported in the year-ago quarter.
Operating Highlights
During fourth-quarter 2023, the company’s total operating costs and expenses were $799.4 million, up 18.4% year over year. Selling, general and administrative expenses of $90.6 million fell 2.9% from the year-ago quarter’s levels.
2023 Highlights
Total revenues in 2023 amounted to $3,738.5 million compared with $3,555.4 million in 2022.
Adjusted EBITDA totaled $1,286.4 million compared with $1,283.9 million a year ago.
Adjusted EPS came in at $6.31 compared with $6.07 reported in the previous year.
Balance Sheet
As of Dec 31, 2023, the company had cash on hand of $304.3 million compared with $269.2 million as of Sep 30, 2023. Total debt during fourth-quarter 2023 amounted to $2.9 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 $100 million. As of Dec 31, 2023, the company stated the availability of approximately $326 million under its repurchase program.
Mattel, Inc. (MAT - Free Report) reported fourth-quarter 2023 results, wherein earnings and revenues missed the Zacks Consensus Estimate. However, the top and bottom lines increased on a year-over-year basis.
The company’s quarterly results reflect growth, driven by its diverse product offerings, primarily in the North America segment. Success from the Barbie movie, as well as notable progress in entertainment across film, television, digital and publishing bode well. However, this uptrend was partially offset by currency fluctuation risks.
Wynn Resorts, Limited (WYNN - Free Report) reported impressive fourth-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. Also, the top and the bottom line rose year over year. Solid contributions from Macau and Las Vegas Operations backed the upside.
Red Rock Resorts, Inc. (RRR - Free Report) reported fourth-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
The company benefited from strong visitation and gaming activity in the local, regional and national markets. The combination of this momentum and high spending per visit (on the majority of card-to-play options) resulted in record revenues and profitability in the gaming categories.
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Boyd Gaming (BYD) Q4 Earnings Surpass Estimates, Stock Up
Boyd Gaming Corporation (BYD - Free Report) reported fourth-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
Following the announcement, shares of the company moved up 5.1% during the after-hours trading session on Feb 8.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) were $1.66, outpacing the Zacks Consensus Estimate of $1.43 by 16.1%. In the prior-year quarter, the company reported an adjusted EPS of $1.72.
Total revenues of $954.4 million beat the consensus mark of $922.9 million by 3.4%. The top line increased 3.4% on a year-over-year basis. The company’s diversified portfolio, consistent core customer trends and solid returns from its recent property investments 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 during the reported quarter amounted to $355.5 million compared with $360.1 million reported in the prior-year quarter.
Segmental Detail
Las Vegas Locals
During fourth-quarter 2023, revenues in the segment amounted to $235.1 million, down 2.4% from the prior-year quarter. The segment’s adjusted EBITDAR totaled $120.4 million compared with $125.9 million reported in the year-ago quarter.
Downtown Las Vegas
Revenues from the segment increased 1.4% year over year to $63.3 million. Adjusted EBITDAR was $27.6 million compared with $27.8 million reported in the year-ago quarter.
Midwest and South Segment
Revenues of $497.9 million rose 0.3% from the year-earlier quarter. The segment’s adjusted EBITDAR totaled $190.6 million compared with $188.4 million reported in the year-ago quarter.
Operating Highlights
During fourth-quarter 2023, the company’s total operating costs and expenses were $799.4 million, up 18.4% year over year. Selling, general and administrative expenses of $90.6 million fell 2.9% from the year-ago quarter’s levels.
2023 Highlights
Total revenues in 2023 amounted to $3,738.5 million compared with $3,555.4 million in 2022.
Adjusted EBITDA totaled $1,286.4 million compared with $1,283.9 million a year ago.
Adjusted EPS came in at $6.31 compared with $6.07 reported in the previous year.
Balance Sheet
As of Dec 31, 2023, the company had cash on hand of $304.3 million compared with $269.2 million as of Sep 30, 2023. Total debt during fourth-quarter 2023 amounted to $2.9 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 $100 million. As of Dec 31, 2023, the company stated the availability of approximately $326 million under its repurchase program.
Zacks Rank & Recent Consumer Discretionary Releases
Boyd Gaming currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Mattel, Inc. (MAT - Free Report) reported fourth-quarter 2023 results, wherein earnings and revenues missed the Zacks Consensus Estimate. However, the top and bottom lines increased on a year-over-year basis.
The company’s quarterly results reflect growth, driven by its diverse product offerings, primarily in the North America segment. Success from the Barbie movie, as well as notable progress in entertainment across film, television, digital and publishing bode well. However, this uptrend was partially offset by currency fluctuation risks.
Wynn Resorts, Limited (WYNN - Free Report) reported impressive fourth-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. Also, the top and the bottom line rose year over year. Solid contributions from Macau and Las Vegas Operations backed the upside.
Red Rock Resorts, Inc. (RRR - Free Report) reported fourth-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.
The company benefited from strong visitation and gaming activity in the local, regional and national markets. The combination of this momentum and high spending per visit (on the majority of card-to-play options) resulted in record revenues and profitability in the gaming categories.