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Boyd Gaming Corp. (NYSE:BYD) had a loss and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 3.56%.
Boyd Gaming Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.31 in the quarter versus EPS of $-0.03 in the year-earlier quarter.
Revenue: Rose 3.15% to $625.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Boyd Gaming Corp. reported adjusted EPS loss of $0.31 per share. By that measure, the company missed the mean analyst estimate of $-0.13. It missed the average revenue estimate of $635.37 million.
Quoting Management: “Our highest priority is strengthening our balance sheet. The sale of the Echelon site is another important step in the ongoing effort to improve our long-term financial position,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming. “While we remain committed to the Las Vegas market, we determined that developing a large-scale project on the Las Vegas Strip was not consistent with our current strategy.”
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