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Boyd Gaming's (BYD) Q2 Earnings Beat Estimates, Stock Up
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Boyd Gaming Corporation (BYD - Free Report) reported second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company’s top line increased year over year.
Segment-wise, the Las Vegas Locals market showed improvement from the first quarter. Its business in this segment achieved market share growth. Additionally, the company experienced strong growth in its Downtown Las Vegas operations and maintained stable performance in Midwest and South operations.
Following the results, the company’s shares increased 4.3% in the after-hours trading session on Jul 25.
Earnings and Revenues
In the reported quarter, adjusted earnings per share (EPS) were $1.58, surpassing the Zacks Consensus Estimate of $1.47 by 7.5%. However, earnings were flat year over year.
Total revenues of $967.5 million beat the consensus mark of $906 million by 6.8%. The top line rose 5.5% on a year-over-year basis.
Total adjusted EBITDAR in the reported quarter amounted to $344.2 million compared with $351.4 million reported in the prior-year quarter.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
In second-quarter 2024, the segment’s revenues amounted to $225.1 million, down 2.5% from the prior-year quarter’s levels. The segment’s adjusted EBITDAR totaled $109.2 million compared with $118.4 million reported in the year-ago quarter.
Downtown Las Vegas
Revenues in the segment rose 8.9% year over year to $57.7 million. Adjusted EBITDAR was $22 million compared with $19.7 million reported in the year-ago quarter.
Midwest and South Segment
In the quarter, the segment’s revenues came in at $521.8 million compared with $518.8 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $195.5 million compared with $201.8 million reported in the year-ago quarter.
Online Segment
In the quarter, the segment’s revenues came in at $129.9 million compared with $85 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $17.1 million compared with $13.4 million reported in the year-ago quarter.
Operating Highlights
In second-quarter 2024, the company’s total operating costs and expenses were $740.4 million, up 10% year over year. Selling, general and administrative expenses in the quarter came in at $105.1 million compared with $99.1 million reported in the prior-year quarter.
Balance Sheet
As of Jun 30, 2024, the company had cash on hand of $280.8 million compared with $283.5 million as of Mar 31, 2024. Total debt in second-quarter 2024 amounted to $3 billion.
In the quarter, the company repurchased shares of its common stock worth approximately $176 million. As of Jun 30, 2024, the company stated the availability of approximately $545 million under its repurchase program.
RCL has a trailing four-quarter earnings surprise of 18.3%, on average. The stock has risen 58.9% in the past year. The Zacks Consensus Estimate for RCL’s 2024 sales and EPS calls for growth of 16.8% and 63.8%, respectively, from the year-ago levels.
AMC Entertainment Holdings, Inc. (AMC - Free Report) currently carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 38%, on average. The stock has gained 12.3% in the past three months.
The Zacks Consensus Estimate for AMC’s 2024 EPS suggests an improvement of 67.9% from the year-ago level.
Strategic Education, Inc. (STRA - Free Report) currently carries a Zacks Rank #2. STRA has a trailing four-quarter earnings surprise of 36.2%, on average. The stock has surged 54.9% in the past year.
The Zacks Consensus Estimate for STRA’s 2024 sales and EPS indicates an increase of 6.4% and 33.3%, respectively, from year-ago levels.
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Boyd Gaming's (BYD) Q2 Earnings Beat Estimates, Stock Up
Boyd Gaming Corporation (BYD - Free Report) reported second-quarter 2024 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The company’s top line increased year over year.
Segment-wise, the Las Vegas Locals market showed improvement from the first quarter. Its business in this segment achieved market share growth. Additionally, the company experienced strong growth in its Downtown Las Vegas operations and maintained stable performance in Midwest and South operations.
Following the results, the company’s shares increased 4.3% in the after-hours trading session on Jul 25.
Earnings and Revenues
In the reported quarter, adjusted earnings per share (EPS) were $1.58, surpassing the Zacks Consensus Estimate of $1.47 by 7.5%. However, earnings were flat year over year.
Total revenues of $967.5 million beat the consensus mark of $906 million by 6.8%. The top line rose 5.5% on a year-over-year basis.
Total adjusted EBITDAR in the reported quarter amounted to $344.2 million compared with $351.4 million reported in the prior-year quarter.
Boyd Gaming Corporation Price, Consensus and EPS Surprise
Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote
Segmental Detail
Las Vegas Locals
In second-quarter 2024, the segment’s revenues amounted to $225.1 million, down 2.5% from the prior-year quarter’s levels. The segment’s adjusted EBITDAR totaled $109.2 million compared with $118.4 million reported in the year-ago quarter.
Downtown Las Vegas
Revenues in the segment rose 8.9% year over year to $57.7 million. Adjusted EBITDAR was $22 million compared with $19.7 million reported in the year-ago quarter.
Midwest and South Segment
In the quarter, the segment’s revenues came in at $521.8 million compared with $518.8 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $195.5 million compared with $201.8 million reported in the year-ago quarter.
Online Segment
In the quarter, the segment’s revenues came in at $129.9 million compared with $85 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $17.1 million compared with $13.4 million reported in the year-ago quarter.
Operating Highlights
In second-quarter 2024, the company’s total operating costs and expenses were $740.4 million, up 10% year over year. Selling, general and administrative expenses in the quarter came in at $105.1 million compared with $99.1 million reported in the prior-year quarter.
Balance Sheet
As of Jun 30, 2024, the company had cash on hand of $280.8 million compared with $283.5 million as of Mar 31, 2024. Total debt in second-quarter 2024 amounted to $3 billion.
In the quarter, the company repurchased shares of its common stock worth approximately $176 million. As of Jun 30, 2024, the company stated the availability of approximately $545 million under its repurchase program.
Zacks Rank & Key Picks
Boyd Gaming currently has a Zacks Rank #3 (Hold).
Royal Caribbean Cruises Ltd. (RCL - Free Report) currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
RCL has a trailing four-quarter earnings surprise of 18.3%, on average. The stock has risen 58.9% in the past year. The Zacks Consensus Estimate for RCL’s 2024 sales and EPS calls for growth of 16.8% and 63.8%, respectively, from the year-ago levels.
AMC Entertainment Holdings, Inc. (AMC - Free Report) currently carries a Zacks Rank #2 (Buy). The company has a trailing four-quarter earnings surprise of 38%, on average. The stock has gained 12.3% in the past three months.
The Zacks Consensus Estimate for AMC’s 2024 EPS suggests an improvement of 67.9% from the year-ago level.
Strategic Education, Inc. (STRA - Free Report) currently carries a Zacks Rank #2. STRA has a trailing four-quarter earnings surprise of 36.2%, on average. The stock has surged 54.9% in the past year.
The Zacks Consensus Estimate for STRA’s 2024 sales and EPS indicates an increase of 6.4% and 33.3%, respectively, from year-ago levels.