Boyd Gaming (BYD) Q2 Earnings & Revenues Surpass Estimates
Boyd Gaming Corporation BYD reported second-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. Both metrics surpassed consensus mark for the 13th straight quarter. Also, the top and bottom lines increased on a year-over-year basis.
The Zacks Rank #3 (Hold) company’s quarterly results benefited from online gaming and Sky River Casino.
Earnings and Revenues
In the quarter under review, adjusted earnings per share (EPS) of $1.58 outpaced the Zacks Consensus Estimate of $1.56 by 1.3%. In the prior-year quarter, the company reported adjusted EPS of $1.48.
Total revenues of $917 million outshined the consensus estimate of $891 million by 3%. The top line increased 2.5% on a year-over-year basis. The upside was primarily backed by solid contributions from online gaming and management fees (from Sky River Casino).
Total adjusted EBITDAR amounted to $351.4 million compared with $353.9 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 Details
Las Vegas Locals
Revenues of $230.9 million dipped 2.4% from the prior-year quarter. Our model predicted the metric to decline 7% year over year. Adjusted EBITDAR totaled $118.4 million, down 5.5% year over year.
Downtown Las Vegas
Segmental revenues slipped 1.7% year over year to $53 million. Adjusted EBITDAR was $19.7 million compared with $22.1 million reported in the year-ago quarter.
Midwest and South Segment
Revenues of $518.8 million fell 3% from the year-earlier quarter. Our model estimated the metric to decrease 0.6% year over year. Adjusted EBITDAR totaled $201.8 million compared with $218.9 million a year ago.
Operating Highlights
During second-quarter 2023, the company’s total operating costs and expenses were $672.9 million, up 3.6% year over year. Selling, general and administrative expenses of $99.1 million rose 3.6% from the prior-year quarter.
Balance Sheet
As of Jun 30, Boyd Gaming had cash on hand of $260.8 million compared with $263.5 million as of Mar 31, 2023. Total debt of $3 billion remained flat sequentially.
During the quarter, the company repurchased shares of its common stock worth $100 million. As of Jun 30, BYD stated the availability of $533 million under its repurchase program.
Key Picks
Some better-ranked stocks in the Zacks Consumer Discretionary sector are as follows:
Trip.com Group Limited TCOM flaunts a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 147.9%, on average. Shares of TCOM have increased 38.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Trip.com Group’s 2023 sales and EPS suggests rises of 101.6% and 531%, respectively, from the year-ago period’s levels.
OneSpaWorld Holdings Limited OSW carries a Zacks Rank #2 (Buy). OSW has a trailing four-quarter earnings surprise of 65.8%, on average. Shares of OSW have soared 64.6% in the past year.
The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates increases of 33.9% and 89.3%, respectively, from the year-ago period’s levels.
Royal Caribbean Cruises Ltd. RCL carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have surged 155.1% in the past year.
The Zacks Consensus Estimate for Royal Caribbean Cruises’ 2023 sales and EPS implies gains of 48.8% and 163.1%, respectively, from the year-ago period’s levels.
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