Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Boyd Gaming Corporation (NYSE:BYD) reported worse-than-expected first-quarter earnings on Thursday.
Boyd Gaming posted adjusted earnings of $1.51 per share, missing market estimates of $1.57 per share. The company's quarterly sales came in at $960.521 million versus expectations of $958.741 million, according to data from Benzinga Pro.
Total adjusted EBITDAR was $330.5 million in the first quarter down from $367.1 million in the year-ago quarter.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: “After a record 2023, the first quarter of 2024 was a challenging start to the year. Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market. However, throughout our business, many of the positive trends from the fourth quarter continued into the new year. By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins. Additionally, our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders.”
Boyd Gaming shares fell 1.1% to close at $62.89 on Thursday.
These analysts made changes to their price targets on Boyd Gaming following earnings announcement.
- JP Morgan cut the price target on Boyd Gaming from $80 to $67. JP Morgan analyst Joseph Greff downgraded the stock from Overweight to Neutral.
- Deutsche Bank slashed the price target on Boyd Gaming from $78 to $71. Deutsche Bank analyst Carlo Santarelli downgraded the stock from Buy to Hold.
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