Boyd Gaming exceeds analysts' bottom-line estimates
February 15, 2017 9:28 AM
by Robert Mann
Las Vegas-based Boyd Gaming has exceeded analysts' bottom-line estimates for the fourth quarter despite missing some forecasters’ revenue expectations.
The company reported a 2.2% increase in fourth quarter net revenue to $554.8 million, generating earnings of 38 cents a share. Analysts polled by FactSet were expecting the company to show revenue of $561.1 million and earnings of 24 cents per share, reports thestreet.com. Boyd reported $12.2 million in net fourth-quarter earnings after a loss of $6.9 million last year.
In Tuesday's earnings release Boyd Gaming CEO Keith Smith said, "The fourth quarter was the culmination of an eventful and successful year, as we further positioned our company for long-term growth."
The company took a non-cash asset impairment charge of $36.9 million that was partially offset by an $11.1 million non-cash income tax benefit during the quarter. Additionally, Boyd Gaming lowered its fourth quarter operational liability because of the sale of its stake in the Borgata Hotel Casino in Atlantic City to MGM Resorts International.
The company's total adjusted EBITDA rose 5.7% year over year to $138.8 million. For fiscal 2017, the company provided EBITDA guidance between $585 million and $605 million.