Boyd Gaming Shares Drop Premarket After Earnings Miss

Dow Jones04-26

By Robb M. Stewart

Boyd Gaming's shares were set for a sharp drop at the opening bell after the gaming and casino operator's earnings missed expectations in a quarter affected by winter weather and struggles in Las Vegas, Nevada.

In premarket trading, the shares were 14% lower after ending Thursday at $62.89. The shares are up 0.5% so far in 2024.

Boyd's net income fell to $136.5 million, or $1.40 a share, from $199.7 million, or $1.93, a year earlier. On an adjusted basis that strips out certain items, per-share earnings came in at $1.51, below the $1.58 mean estimate of analysts polled by FactSet.

Revenue slipped to $960.5 million from $964 million last year, but came in ahead of the $955.4 million analysts expected.

The company said January's severe winter weather had a significant impact on its Midwest and South U.S. segment early in the quarter, and it also experienced increased competitive pressures in the Las Vegas locals market. Boyd said its downtown Las Vegas segment also had challenging year-over-year comparisons, plus reduced pedestrian traffic in downtown Las Vegas in the quarter.

President and Chief Executive able Keith Smith said Boyd was able to maintain strong operating margins, while significant cash flows and a strong balance sheet allowed the company to continue returning capital to shareholders through continuing share repurchases and quarterly dividend programs.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

April 26, 2024 07:10 ET (11:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Stewart \n\n\n \n\n\n  Boyd Gaming's shares were set for a sharp drop at the opening bell after the gaming and casino operator's earnings missed expectations in a quarter affected by winter ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BYD","symbol_name":"博伊德赌场","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2430203412","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2430203412","pubTimestamp":1714129800,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Boyd Gaming's shares were set for a sharp drop at the opening bell after the gaming and casino operator's earnings missed expectations in a quarter affected by winter weather and struggles in Las Vegas, Nevada.In premarket trading, the shares were 14% lower after ending Thursday at $62.89. 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Stewart \n\n\n \n\n\n  Boyd Gaming's shares were set for a sharp drop at the opening bell after the gaming and casino operator's earnings missed expectations in a quarter affected by winter weather and struggles in Las Vegas, Nevada. \n\n\n  In premarket trading, the shares were 14% lower after ending Thursday at $62.89. The shares are up 0.5% so far in 2024. \n\n\n  Boyd's net income fell to $136.5 million, or $1.40 a share, from $199.7 million, or $1.93, a year earlier. On an adjusted basis that strips out certain items, per-share earnings came in at $1.51, below the $1.58 mean estimate of analysts polled by FactSet. \n\n\n  Revenue slipped to $960.5 million from $964 million last year, but came in ahead of the $955.4 million analysts expected. \n\n\n  The company said January's severe winter weather had a significant impact on its Midwest and South U.S. segment early in the quarter, and it also experienced increased competitive pressures in the Las Vegas locals market. 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