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Why Is Boyd (BYD) Up 5.9% Since Last Earnings Report?
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It has been about a month since the last earnings report for Boyd Gaming (BYD - Free Report) . Shares have added about 5.9% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Boyd due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Boyd Gaming Q2 Earnings Top Estimates, Improve Y/Y
Boyd Gaming reported solid second-quarter 2021 results, wherein both earnings and revenues beat the Zacks Consensus Estimate and improved year over year. Both the metrics surpassed their respective consensus mark for the fifth straight quarter.
Q2 Earnings and Revenues
In the quarter under review, adjusted earnings per share was $1.54, outpacing the Zacks Consensus Estimate of 92 cents by 67.4%. The metric improved significantly from prior-year quarter’s loss of 98 cents per share.
Total revenues of $893.6 million beat the consensus mark of $782 million by 14.3%. The top line increased 325.8% on a year-over-year basis.
Total adjusted EBITDAR during the reported quarter amounted to $409 million, compared with $28.3 million in the prior-year quarter. Property adjusted EBITDAR margins came in at 45.8%, up significantly from 13.5% in the year-ago quarter.
Segmental Detais
Las Vegas Locals
During the second quarter of 2021, revenues at the segment amounted to $236.1 million, up 384.9% year over year. The segment’s adjusted EBITDAR totaled $133.6 million, up from $2.9 million in the year-ago quarter. During the quarter under review, operating margin rose more than 5,071 basis points (bps) year over year to 56.6%.
Downtown Las Vegas
During the second quarter, revenues at the segment rose 731.5% from the prior-year quarter’s figure to $38.8 million. Adjusted EBITDAR was $15.4 million, against ($7.2) million reported in the year-ago quarter.
Midwest and South Segment
During the first quarter, revenues at the segment increased 295.3% year over year to $618.7 million. Adjusted EBITDAR amounted to $260 million, up 696.2% year over year. Operating margin during the quarter rose approximately 2,116 bps year over year to 42% on solid operating performance.
Other Financial Details
As of Jun 30, 2021, the company had cash on hand of $334.5 million, compared with $519.2 million as on Dec 31, 2020. Total debt during the second quarter amounted to $3.39 billion compared with $3.94 billion in first-quarter 2021.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 56.67% due to these changes.
VGM Scores
Currently, Boyd has an average Growth Score of C, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Boyd has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
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Why Is Boyd (BYD) Up 5.9% Since Last Earnings Report?
It has been about a month since the last earnings report for Boyd Gaming (BYD - Free Report) . Shares have added about 5.9% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Boyd due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Boyd Gaming Q2 Earnings Top Estimates, Improve Y/Y
Boyd Gaming reported solid second-quarter 2021 results, wherein both earnings and revenues beat the Zacks Consensus Estimate and improved year over year. Both the metrics surpassed their respective consensus mark for the fifth straight quarter.
Q2 Earnings and Revenues
In the quarter under review, adjusted earnings per share was $1.54, outpacing the Zacks Consensus Estimate of 92 cents by 67.4%. The metric improved significantly from prior-year quarter’s loss of 98 cents per share.
Total revenues of $893.6 million beat the consensus mark of $782 million by 14.3%. The top line increased 325.8% on a year-over-year basis.
Total adjusted EBITDAR during the reported quarter amounted to $409 million, compared with $28.3 million in the prior-year quarter. Property adjusted EBITDAR margins came in at 45.8%, up significantly from 13.5% in the year-ago quarter.
Segmental Detais
Las Vegas Locals
During the second quarter of 2021, revenues at the segment amounted to $236.1 million, up 384.9% year over year. The segment’s adjusted EBITDAR totaled $133.6 million, up from $2.9 million in the year-ago quarter. During the quarter under review, operating margin rose more than 5,071 basis points (bps) year over year to 56.6%.
Downtown Las Vegas
During the second quarter, revenues at the segment rose 731.5% from the prior-year quarter’s figure to $38.8 million. Adjusted EBITDAR was $15.4 million, against ($7.2) million reported in the year-ago quarter.
Midwest and South Segment
During the first quarter, revenues at the segment increased 295.3% year over year to $618.7 million. Adjusted EBITDAR amounted to $260 million, up 696.2% year over year. Operating margin during the quarter rose approximately 2,116 bps year over year to 42% on solid operating performance.
Other Financial Details
As of Jun 30, 2021, the company had cash on hand of $334.5 million, compared with $519.2 million as on Dec 31, 2020. Total debt during the second quarter amounted to $3.39 billion compared with $3.94 billion in first-quarter 2021.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in fresh estimates. The consensus estimate has shifted 56.67% due to these changes.
VGM Scores
Currently, Boyd has an average Growth Score of C, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Boyd has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.