Boyd Gaming misses Q3 revenue expectations
Overview
US casino operator's Q3 revenue declined yr/yr and missed analyst expectations
Adjusted EPS for Q3 beat analyst expectations
Company cites softness in Las Vegas destination business and construction disruption at Suncoast
Outlook
Company did not provide specific financial guidance for upcoming quarters or full year in its press release
Result Drivers
MIDWEST & SOUTH SEGMENT - Co said Midwest & South segment saw revenue and adjusted gaming revenue growth, driven by increased play from core and retail customers and benefits from recent capital investments
LAS VEGAS LOCALS SEGMENT - Co said remainder of Las Vegas Locals properties achieved revenue and Adjusted EBITDAR growth, highlighted by increased play from southern Nevada residents
ONLINE SEGMENT - Co said double-digit Adjusted EBITDAR growth in Online segment was driven by continued strength in online casino gaming business
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $990.46 mln | $1.001 bln (17 Analysts) |
Q3 Adjusted EPS | Beat | $1.67 | $1.64 (17 Analysts) |
Q3 Adjusted Net Income | Slight Beat* | $121.7 mln | $121.42 mln (9 Analysts) |
Q3 Net Income | $123.59 mln |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 10 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the casinos & gaming peer group is "buy"
Wall Street's median 12-month price target for Boyd Gaming Corporation is $92.00, about 30.3% above its October 21 closing price of $70.61
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 12 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)