Boyd Gaming beats Q2 revenue, EPS estimates
Overview
Boyd Gaming Q2 revenue rises to $1.03 bln, beating analysts' expectations
Adjusted EPS for Q2 beats estimates
Co to sell equity stake in FanDuel, strengthening financial position
Outlook
Company to strengthen financial position by selling FanDuel equity stake
Boyd Gaming plans to invest in properties and pursue growth opportunities
Result Drivers
SEGMENT GROWTH - Broad-based growth across operating segments, including Online and Managed, drove results
LAS VEGAS LOCALS - Strongest quarterly growth in over two years, with margins nearly 50%
MIDWEST & SOUTH - Strong results led by Treasure Chest Casino
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $1.03 bln | $976.40 mln (12 Analysts) |
Q2 Adjusted EPS | Beat | $1.87 | $1.65 (11 Analysts) |
Q2 Adjusted Net Income | Beat | $154.20 mln | $137 mln (8 Analysts) |
Q2 Net Income |
| $150.35 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 8 "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 Corp is $86.50, about 3.5% above its July 23 closing price of $83.48
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 10 three months ago
Press Release: ID:nPn22fWp7a
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