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Boyd Gaming (BYD) Q4 Earnings Surpass Estimates, Stock Up

Boyd Gaming Corporation BYD reported decent third-quarter 2022 results, with earnings and revenues beating the Zacks Consensus Estimate. Both metrics surpassed their respective consensus mark for the 11th straight quarter. Also, the top and the bottom line increased on a year-over-year basis. Following the announcement, shares of the company moved up 5.4% during the after-hours trading session on Feb 2.

Earnings and Revenues

In the quarter under review, adjusted earnings per share (EPS) were $1.72, outpacing the Zacks Consensus Estimate of $1.45 by 18.6%. In the prior-year quarter, the company reported an adjusted EPS of $1.35.

Total revenues of $922.9 million beat the consensus mark of $853 million by 4.5%. The top line increased 4.9% on a year-over-year basis. The upside was primarily backed by solid contributions from online gaming and management fees (from Sky River Casino), non-gaming operations and growth in destination business.

Boyd Gaming Corporation Price, Consensus and EPS Surprise

 

Boyd Gaming Corporation Price, Consensus and EPS Surprise
Boyd Gaming Corporation Price, Consensus and EPS Surprise

Boyd Gaming Corporation price-consensus-eps-surprise-chart | Boyd Gaming Corporation Quote

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Total adjusted EBITDAR during the reported quarter amounted to $360.1 million compared with $347.3 million reported in the prior-year quarter. Property-adjusted EBITDAR margins came in at 41.4% compared with 42.1% reported in the year-ago quarter.

Segmental Detail

Las Vegas Locals

During fourth-quarter 2022, revenues in the segment amounted to $240.9 million compared with $236.3 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $125.9 million, compared with $123.6 million reported in the year-ago quarter’s levels.

Downtown Las Vegas

During the quarter, revenues in the segment increased 16.8% year over year to $62.4 million. Adjusted EBITDAR was $27.8 million compared with $20.2 million reported in the year-ago quarter.

Midwest and South Segment

During the fourth quarter, revenues in the segment amounted to $619.6 million compared with $590.1 million reported in the prior-year quarter. The segment’s adjusted EBITDAR totaled $228.8 million compared with $226.8 million reported in the year-ago quarter’s levels.

Operating Highlights

During fourth-quarter 2022, the company’s total operating costs and expenses came in at $675.3 million compared with $663 million reported in the year-ago quarter. During the quarter, selling, general and administrative expenses came in at $93.3 million compared with $94.5 million reported in the prior-year quarter.

Balance Sheet

As of Dec 31, 2022, the company had cash on hand of $283.5 million compared with $252.3 million as of Sep 30, 2022. Total debt during fourth-quarter 2022 amounted to $3.1 billion compared with $2.9 billion reported in the prior-year quarter.

During the quarter, the company repurchased shares of its common stock worth approximately $107 million. As of Dec 31, the company stated the availability of approximately $239 million under its repurchase program.

Other Updates

During the quarter, the company reported progress with respect to its previously-announced acquisition of Pala Interactive. Valued at $170 million, the company anticipates closing the deal in 2023, subject to regulatory approvals.

2022 Highlights

Total revenues in 2022 amounted to $3,555.4 million compared with $3,369.8 million in 2021.

Adjusted EBITDA in 2022 totaled $1,283.9 million compared with $1,261.3 million in 2021.

In 2022, diluted EPS came in at $6.07 per share compared with $5.12 reported in the previous year.

Zacks Rank & Key Picks

Boyd Gaming currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the Zacks Consumer Discretionary sector are OneSpaWorld Holdings Limited. OSW, Manchester United plc MANU and Las Vegas Sands Corp. LVS.

OneSpaWorld currently sports a Zacks Rank #1. OSW has a trailing four-quarter earnings surprise of 84.2%, on average. Shares of the company have increased 6.3% in the past year.

The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates a rise of 24.2% and 91%, respectively, from the year-ago period’s levels.

Manchester currently carries a Zacks Rank #2 (Buy). MANU has a trailing four-quarter earnings surprise of 65.7%, on average. Shares of the company have gained 63.9% in the past year.  

The Zacks Consensus Estimate for MANU’s 2024 sales and EPS indicates a rise of 11.4% and 27.8%, respectively, from the year-ago levels.  

Las Vegas Sands currently carries a Zacks Rank #2. LVS has a long-term earnings growth rate of 4.9%. The stock has increased 30.7% in the past year.

The Zacks Consensus Estimate for LVS’ 2023 sales and EPS indicates a rise of 97% and 217.5%, respectively, from the year-ago period’s estimated levels.

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Las Vegas Sands Corp. (LVS) : Free Stock Analysis Report

Boyd Gaming Corporation (BYD) : Free Stock Analysis Report

Manchester United Ltd. (MANU) : Free Stock Analysis Report

OneSpaWorld Holdings Limited (OSW) : Free Stock Analysis Report

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