Boyd Gaming (BYD) Q1 Earnings Beat Estimates, Improve Y/Y
Boyd Gaming Corporation BYD 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, Penn National Gaming, Inc. PENN and Red Rock Resorts, Inc. RRR, currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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