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Boyd Gaming's Q3 Earnings & Revenues Beat Estimates, Stock Up
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Boyd Gaming Corporation (BYD - Free Report) reported third-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company’s top and bottom line increased year over year.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
During the quarter, the company highlighted the positive impact of its investments in the Downtown Las Vegas and Midwest & South segments. It also reported robust performances in its Online and Managed businesses, reinforcing the strength of its diversified business model. The growth pipeline was further enhanced by the opportunity to develop a top-tier casino resort in Norfolk, VA. Additionally, the company reaffirmed its commitment to returning capital to shareholders, repurchasing over $200 million in shares during the period.
Following the results, the company’s shares jumped 4% in the after-hours trading session on Oct. 24.
Earnings and Revenues
In the reported quarter, adjusted earnings per share (EPS) were $1.52, surpassing the Zacks Consensus Estimate of $1.41 by 7.8%. In the year-ago quarter, it reported an adjusted EPS of $1.36.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Total revenues of $961.2 million beat the consensus mark of $919 million. The top line rose 6.4% on a year-over-year basis.
Total adjusted EBITDAR in the reported quarter amounted to $336.6 million compared with $320.8 million reported in the prior-year quarter.
Segmental Detail
Las Vegas Locals
In the third-quarter 2024, the segment’s revenues amounted to $211.9 million, down 4.5% from the prior-year quarter’s levels. The segment’s adjusted EBITDAR totaled $96.4 million compared with $105.9 million reported in the year-ago quarter.
Downtown Las Vegas
Revenues in the segment rose 7.6% year over year to $53.3 million. Adjusted EBITDAR was $16.5 million compared with $15.9 million reported in the year-ago quarter.
Midwest and South Segment
In the quarter, the segment’s revenues were $522.4 million compared with $513 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $196.9 million compared with $190.6 million reported in the year-ago quarter.
Online Segment
In the quarter, the segment’s revenues were $141.3 million, compared with $90.3 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $26 million compared with $11 million reported in the year-ago quarter.
Operating Highlights
In the third-quarter 2024, the company’s total operating costs and expenses were $741.3 million, up 8.2% year over year. Selling, general and administrative expenses in the quarter were $102.4 million, compared with $99.9 million reported in the prior-year quarter.
Balance Sheet
As of Sept. 30, 2024, the company had cash on hand of $286.3 million compared with $280.8 million as of June 30, 2024. Total debt in the third-quarter 2024 amounted to $3.1 billion compared with $3 billion reported in the previous quarter.
In the quarter, the company repurchased shares of its common stock worth approximately $202 million. As of Sept. 30, 2024, the company stated the availability of approximately $343 million under its repurchase program.
Carnival Corporation & plc (CCL - Free Report) reported impressive third-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top-and-bottom line increased on a year-over-year basis. The upside was backed by sustained demand strength and increased booking volumes. During the quarter, the company reported strong booking momentum for 2025, with volumes remaining robust at higher prices compared to the prior year.
The company raised its full-year 2024 adjusted EBITDA guidance due to strong demand and cost-saving opportunities. Management expects net yields, at constant currency, to increase around 10.4% compared with 2023 levels, exceeding the prior guidance provided in June due to strong demand.
Vail Resorts, Inc. (MTN - Free Report) reported mixed fourth-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Revenues declined on a year-over-year basis and the adjusted loss widened from the prior-year quarter’s levels.
During the quarter, its reported EBITDA declined year over year due to the underperformance of the Australian winter business. Snowfall at Australian resorts fell 28% from the prior year’s levels and was 44% below the 10-year average, leading to an 18% drop in skier visitation. Although the North American summer mountain business did not meet expectations, it achieved 15% revenue growth with fewer weather and construction-related disruptions.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in revenue per available room, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories — including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.
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Boyd Gaming's Q3 Earnings & Revenues Beat Estimates, Stock Up
Boyd Gaming Corporation (BYD - Free Report) reported third-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company’s top and bottom line increased year over year.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
During the quarter, the company highlighted the positive impact of its investments in the Downtown Las Vegas and Midwest & South segments. It also reported robust performances in its Online and Managed businesses, reinforcing the strength of its diversified business model. The growth pipeline was further enhanced by the opportunity to develop a top-tier casino resort in Norfolk, VA. Additionally, the company reaffirmed its commitment to returning capital to shareholders, repurchasing over $200 million in shares during the period.
Following the results, the company’s shares jumped 4% in the after-hours trading session on Oct. 24.
Earnings and Revenues
In the reported quarter, adjusted earnings per share (EPS) were $1.52, surpassing the Zacks Consensus Estimate of $1.41 by 7.8%. In the year-ago quarter, it reported an adjusted EPS of $1.36.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote
Total revenues of $961.2 million beat the consensus mark of $919 million. The top line rose 6.4% on a year-over-year basis.
Total adjusted EBITDAR in the reported quarter amounted to $336.6 million compared with $320.8 million reported in the prior-year quarter.
Segmental Detail
Las Vegas Locals
In the third-quarter 2024, the segment’s revenues amounted to $211.9 million, down 4.5% from the prior-year quarter’s levels. The segment’s adjusted EBITDAR totaled $96.4 million compared with $105.9 million reported in the year-ago quarter.
Downtown Las Vegas
Revenues in the segment rose 7.6% year over year to $53.3 million. Adjusted EBITDAR was $16.5 million compared with $15.9 million reported in the year-ago quarter.
Midwest and South Segment
In the quarter, the segment’s revenues were $522.4 million compared with $513 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $196.9 million compared with $190.6 million reported in the year-ago quarter.
Online Segment
In the quarter, the segment’s revenues were $141.3 million, compared with $90.3 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $26 million compared with $11 million reported in the year-ago quarter.
Operating Highlights
In the third-quarter 2024, the company’s total operating costs and expenses were $741.3 million, up 8.2% year over year. Selling, general and administrative expenses in the quarter were $102.4 million, compared with $99.9 million reported in the prior-year quarter.
Balance Sheet
As of Sept. 30, 2024, the company had cash on hand of $286.3 million compared with $280.8 million as of June 30, 2024. Total debt in the third-quarter 2024 amounted to $3.1 billion compared with $3 billion reported in the previous quarter.
In the quarter, the company repurchased shares of its common stock worth approximately $202 million. As of Sept. 30, 2024, the company stated the availability of approximately $343 million under its repurchase program.
BYD’s Zacks Rank
Boyd Gaming currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
Recent Consumer Discretionary Releases
Carnival Corporation & plc (CCL - Free Report) reported impressive third-quarter fiscal 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top-and-bottom line increased on a year-over-year basis. The upside was backed by sustained demand strength and increased booking volumes. During the quarter, the company reported strong booking momentum for 2025, with volumes remaining robust at higher prices compared to the prior year.
The company raised its full-year 2024 adjusted EBITDA guidance due to strong demand and cost-saving opportunities. Management expects net yields, at constant currency, to increase around 10.4% compared with 2023 levels, exceeding the prior guidance provided in June due to strong demand.
Vail Resorts, Inc. (MTN - Free Report) reported mixed fourth-quarter fiscal 2024 results, with earnings missing the Zacks Consensus Estimate and revenues beating the same. Revenues declined on a year-over-year basis and the adjusted loss widened from the prior-year quarter’s levels.
During the quarter, its reported EBITDA declined year over year due to the underperformance of the Australian winter business. Snowfall at Australian resorts fell 28% from the prior year’s levels and was 44% below the 10-year average, leading to an 18% drop in skier visitation. Although the North American summer mountain business did not meet expectations, it achieved 15% revenue growth with fewer weather and construction-related disruptions.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in revenue per available room, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories — including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.