We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Boyd Gaming Corporation (BYD - Free Report) reported decent first-quarter 2021 results, with the top and the bottom line beating the Zacks Consensus Estimate. Both the metrics not only surpassed the Zacks Consensus Estimate for the fourth straight quarter but also increased on a year-over-year basis.
In this Regard, president and chief executive officer of Boyd Gaming, Keith Smith, said: “This was an exceptional quarter for our Company, as we achieved the strongest EBITDAR and margin performances in our history. As economic conditions improve and COVID vaccinations continue to roll out, we are seeing increased visitation and growing spend-per-visit across every customer segment.”
Q1 Earnings and Revenues
In the quarter under review, adjusted earnings per share came in at 93 cents, topping the Zacks Consensus Estimate of 44 cents by 111.4%. The metric improved significantly from prior-year quarter’s loss of 2 cents per share.
Total revenues of $753.3 million beat the consensus mark of $666.5 million by 13%. Also, the top line increased 10.7% on a year-over-year basis.
Total adjusted EBITDAR during the reported quarter came in at $292.6 million, up 102.6% year over year. However, company-wide margins were at 38.8%, up significantly from 21.2% in the year-ago quarter.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
During the first quarter of 2021, revenues at the segment amounted to $182.4 million, up 0.9% year over year. Notably, the segment’s adjusted EBITDAR came in at $90.6 million, up 93.8% from the year-ago quarter’s reported figure. During the quarter under review, operating margin rose more than 2,382 basis points (bps) year over year to 49.7%.
Downtown Las Vegas
During the first quarter, revenues at the segment declined 60.4% from the prior-year quarter’s figure to $21.4 million. Adjusted EBITDAR came in at $2.4 million, down 75.5% from $10 million reported in the year-ago quarter. The decline can primarily be attributed to weakness in tourism in the southern Nevada market.
Midwest and South Segment
During the first quarter, revenues at the segment increased 23.3% year over year to $549.5 million. However, adjusted EBITDAR amounted to $218.1 million, up 106.1% year over year. Meanwhile, operating margin during the quarter rose approximately 1,596 bps year over year to 39.7% on solid operating performance.
Other Financial Details
As of Mar 31, 2021, the company had cash on hand of $730.9 million compared with $519.2 million as on Dec 31, 2020. Meanwhile, total debt during the first quarter amounted to $3.94 billion compared with $3.95 billion in fourth-quarter 2020.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Image: Bigstock
Boyd Gaming (BYD) Q1 Earnings Beat Estimates, Improve Y/Y
Boyd Gaming Corporation (BYD - Free Report) reported decent first-quarter 2021 results, with the top and the bottom line beating the Zacks Consensus Estimate. Both the metrics not only surpassed the Zacks Consensus Estimate for the fourth straight quarter but also increased on a year-over-year basis.
In this Regard, president and chief executive officer of Boyd Gaming, Keith Smith, said: “This was an exceptional quarter for our Company, as we achieved the strongest EBITDAR and margin performances in our history. As economic conditions improve and COVID vaccinations continue to roll out, we are seeing increased visitation and growing spend-per-visit across every customer segment.”
Q1 Earnings and Revenues
In the quarter under review, adjusted earnings per share came in at 93 cents, topping the Zacks Consensus Estimate of 44 cents by 111.4%. The metric improved significantly from prior-year quarter’s loss of 2 cents per share.
Total revenues of $753.3 million beat the consensus mark of $666.5 million by 13%. Also, the top line increased 10.7% on a year-over-year basis.
Total adjusted EBITDAR during the reported quarter came in at $292.6 million, up 102.6% year over year. However, company-wide margins were at 38.8%, up significantly from 21.2% in the year-ago quarter.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote
Segmental Details
Las Vegas Locals
During the first quarter of 2021, revenues at the segment amounted to $182.4 million, up 0.9% year over year. Notably, the segment’s adjusted EBITDAR came in at $90.6 million, up 93.8% from the year-ago quarter’s reported figure. During the quarter under review, operating margin rose more than 2,382 basis points (bps) year over year to 49.7%.
Downtown Las Vegas
During the first quarter, revenues at the segment declined 60.4% from the prior-year quarter’s figure to $21.4 million. Adjusted EBITDAR came in at $2.4 million, down 75.5% from $10 million reported in the year-ago quarter. The decline can primarily be attributed to weakness in tourism in the southern Nevada market.
Midwest and South Segment
During the first quarter, revenues at the segment increased 23.3% year over year to $549.5 million. However, adjusted EBITDAR amounted to $218.1 million, up 106.1% year over year. Meanwhile, operating margin during the quarter rose approximately 1,596 bps year over year to 39.7% on solid operating performance.
Other Financial Details
As of Mar 31, 2021, the company had cash on hand of $730.9 million compared with $519.2 million as on Dec 31, 2020. Meanwhile, total debt during the first quarter amounted to $3.94 billion compared with $3.95 billion in fourth-quarter 2020.
Zacks Rank
Boyd Gaming, which shares space with MGM Resorts International (MGM - Free Report) , Penn National Gaming, Inc. (PENN - Free Report) and Red Rock Resorts, Inc. (RRR - Free Report) , currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>