Boyd Gaming reverses quarterly loss with $12.2M in profit
Las Vegas-based Boyd Gaming Corp. reported $12.2 million in net fourth-quarter earnings after a loss of $6.9 million last year, beating Wall Street analysts’ expectations.
The company that in Las Vegas owns and operates The Orleans, Gold Coast, Suncoast and Sam’s Town as well as downtown’s California, Fremont and Main Street Station, on Tuesday reported revenue of $554.8 million for the quarter, beating last year’s $542.7 million, but below Street forecasts.
In earnings for the quarter that ended Dec. 31, the company reported earnings per share of 11 cents, compared with a loss of 6 cents a year ago. Earnings adjusted for one-time gains and costs reached 38 cents a share while eight analysts surveyed by Zacks Investment Research had predicted earnings of 23 cents a share.
Five analysts surveyed by Zacks had forecast revenue of $560.4 million for the quarter.
In a conference call with investors Tuesday, Boyd CEO Keith Smith said the quarter was a continuation of the long-term growth story that has been underway for two years.
Smith said the company had solid revenue that, while impressive, would have been even better without some unforeseen circumstances. He said bad winter weather affected operations in regional markets and construction in downtown Las Vegas affected volume there, while unlucky play resulted in $2 million less revenue from Nevada sportsbooks than the previous year.
He said the company is in a good position with 12 properties in Nevada which has experienced a worst-to-first change in job growth nationwide and the recent acquisitions of the Aliante and two Cannery properties in high-growth areas that should benefit the company for the long term.
Boyd stock closed down 24 cents a share, or 1.1 percent, to $20.66 on average volume. The share price is less than $1 short of its 52-week high. Shares were down in after-hours trade.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.
