Boyd Gaming reports fourth-quarter net income of $82.2M
February 21, 2018 9:39 AM
by Robert Mann
Las Vegas-based Boyd Gaming Corp. (BYD) reported fourth-quarter net income of $82.2 million on Tuesday.
The company said it had profit of 71 cents per share. Earnings, adjusted for pretax gains, were 22 cents per share. The results fell short of Wall Street expectations with the average estimate of seven analysts surveyed by Zacks Investment Research calling for earnings of 26 cents per share.
Boyd posted revenue of $590.8 million in the period, also missing Street forecasts. Zacks’ analysts had expected $596.2 million.
For the year, the company reported profit of $189.2 million, or $1.64 per share. Revenue was reported as $2.38 billion.
Boyd shares were up slightly more than 7 percent since the beginning of the year. During the final moments of trading on Tuesday, shares hit $37.60, but fell a little less than 7 percent after the opening bell Wednesday.
Company President and CEO Keith Smith struck an optimistic tone during the earning conference call saying, "Our Nevada operations continued their long-term growth trajectory, with our 11th consecutive quarter of same-store adjusted EBITDA gains in our Las Vegas locals segment.”
He continued, “Our regional operations showed further improvement, as our Midwest and South segment posted its best performance of the year. And we laid the groundwork for future growth, reaching agreements in December to acquire five properties in the Midwest and Northeast. In all, 2017 was an exceptional year for our company, as we created significant value for our shareholders and positioned ourselves to continue delivering growth."