{"id":118016,"date":"2019-10-23T10:41:36","date_gmt":"2019-10-23T17:41:36","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=118016"},"modified":"2020-03-04T10:56:47","modified_gmt":"2020-03-04T18:56:47","slug":"boyd-third-quarter-results-were-fair-but-didnt-have-analysts-fawning","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-third-quarter-results-were-fair-but-didnt-have-analysts-fawning\/","title":{"rendered":"Boyd Gaming Tepid Third Quarter Results Have Analysts Mixed on Stock"},"content":{"rendered":"

Shares of regional casino operator Boyd Gaming Corp. (NYSE:BYD) were higher by about two percent in midday trading Wednesday, a day after the company delivered third-quarter earnings. But some sell-side analysts are not impressed with the results.<\/p>\n

\"\"
(Image: Michael Blackshire\/LVR-J)<\/figcaption><\/figure>\n

For the quarter ending Sept. 30, Boyd earned 39 cents a share on revenue of $819.6 million. Wall Street was expecting earnings of 39 cents on turnover of $830.5 million. More than a quarter ($212.9 million) of June through September turnover was attributable to the company’s acquisitions of the Ameristar Kansas City, Ameristar St. Charles, Belterra Resort, Belterra Park and Valley Forge Casino Resort.<\/p>\n

In its home market of Las Vegas, where the company operates the Aliante and the Orleans, among other casinos, revenue increased 2.2 percent year-over-year to $213.3 million with earnings before interest, taxes, depreciation and amortization per available room (EBITDAR) rising to the highest level in Sin City in 14 years.<\/p>\n

While analysts weren’t overly impressed with Boyd’s third-quarter results, some liked the company’s performance among Las Vegas locals.<\/p>\n

We believe the company was able to maintain market share in the face of a ramping Palms\/Palace Station,\u201d said Macquarie analyst Chad Beynon in a note out earlier today. \u201cOrleans and Aliante remained the stars in the quarter. We are bullish on LV Locals fundamentals and believe BYD will continue to grow despite increased competition.\u201d<\/p><\/blockquote>\n

Beynon noted that some of the sluggishness in Boyd’s numbers for the most recently completed quarter was attributable to bad weather in the Midwest, a region in which the company operates<\/a> nine gaming properties across Illinois, Indiana, Iowa, Kansas, Missouri, and Ohio.<\/p>\n

Cash Flow And Haircuts To Estimates<\/h2>\n

Boyd shares are up nearly 26 percent year-to-date, good for not only one of the best performances among regional gaming equities, but among large-scale commercial operators as well. A significant part of the bullish thesis on the stock this year has been the company’s ability to increase free cash flow<\/a> (FCF).<\/p>\n

Beynon believes Boyd can generate $380 million in discretionary FCF by the end of this year. But the company’s debt burden remains concerning.<\/p>\n

\n

\u201cAs of September 30, 2019, Boyd Gaming had cash on hand of $235.1 million, and total debt of $3.85 billion,\u201d said the operator of the Gold Coast and Suncoast in Las Vegas.<\/p>\n<\/div>\n

With a \u201cneutral\u201d rating on the stock, the Macquarie analyst reiterated a 2019 EBITDA estimate on Boyd of $799 million, while trimming his 2020 forecast to $823 million from $830 million. Beynon did slightly boost his 2021 EBITDA projection to $861 million from $857 million<\/strong>.<\/p>\n

Positives And Negatives<\/h2>\n

Boyd’s strength in Las Vegas and ability to keep a lid on costs were among the bright spots for the company in the third quarter. But there are also some areas the operator can improve.<\/p>\n

\u201cOn the positive, BYD expanded margins in LVL, controlled corporate costs, and grew acquired asset EBITDA by 6% yoy,\u201d said Beynon. \u201c3Q and YTD margins of 26.1% (+175bp) and 26.8% (+108bp) remain slightly behind industry leading peers.\u201d<\/p>\n

The analyst pared his 12-month price target on Boyd to $30 from $33. The stock trades around $26.50 at this writing<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of regional casino operator Boyd Gaming Corp. (NYSE:BYD) were higher by about two percent in midday trading Wednesday, a day after the company delivered third-quarter earnings. But some sell-side analysts are not impressed with the results. For the quarter ending Sept. 30, Boyd earned 39 cents a share on revenue of $819.6 million. Wall […]<\/p>\n","protected":false},"author":46,"featured_media":128930,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nBoyd Third Quarter Results Were Fair, But Didn't Have Analysts Fawning<\/title>\n<meta name=\"description\" content=\"Boyd Gaming's third-quarter results were decent, but not spectacular, prompting some analysts to take a mixed view of the stock.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boyd Third Quarter Results Were Fair, But Didn't Have Analysts Fawning\" \/>\n<meta property=\"og:description\" content=\"Boyd Gaming's third-quarter results were decent, but not spectacular, prompting some analysts to take a mixed view of the stock.\" \/>\n<meta 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