Boyd Gaming Corporation (NYSE:BYD) climbed to a profit in the second quarter, but still came up short of analyst expectations. Boyd Gaming owns and operates casino entertainment facilities located in Nevada, Mississippi, Illinois, Louisiana, and Indiana.
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Boyd Gaming Corporation Earnings Cheat Sheet
Results: Reported a profit of $977,000 (one cent per diluted share) in the quarter. Boyd Gaming Corporation had a net loss of $3 million or a loss 3 cents per share in the year-earlier quarter.
Revenue: Rose 7.1% to $615.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Boyd Gaming Corporation fell short of the mean analyst estimate of 10 cents per share. Analysts were expecting revenue of $625.1 million.
Quoting Management: “During the second half of the quarter, business trends began to weaken, and that clearly contributed to softness in our results,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming. “We remain encouraged by results at our Midwest and South properties, where we maintained or grew share in each of our markets. This bodes well for our acquisition of Peninsula Gaming, which is on track to be completed in the fourth quarter.”
Revenue has now increased for three quarters in a row. In the first quarter, revenue rose 12.1% to $633.1 million while the figure rose 9.9% in the fourth quarter of the last fiscal year from the year earlier.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 10 cents versus a mean estimate of net income of 8 cents per share.
Looking Forward: Over the past sixty days, the outlook for the company’s performance next quarter has become increasingly unfavorable. The average estimate for the third quarter is 7 cents per share, a drop from 8 cents. The average estimate for the fiscal year is now 28 cents per share, down from 30 cents sixty days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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