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Boyd Gaming Corp Up 0.9% To $54.77 After Earnings Beat

Wednesday, July 27, 2022 12:59 PM | InvestorsObserver Analysts

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Boyd Gaming Corp Up 0.9% To $54.77 After Earnings Beat

Wednesday, July 27, 2022 - Boyd Gaming Corp (BYD) reported upside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Boyd Gaming Corp were at $1.38. The company beat those estimates with an EPS of $1.48. The earnings per share of $1.48 (which represents a -7% EPS surprise) led to the company's profits falling 4% compared to last year when the firm reported an EPS of $1.54. The decline in Boyd Gaming Corp's annual growth rate represents how the business is struggling to find form amid recent economic conditions.

Consensus analyst estimates were at $872.3 million. The Consumer Cyclical company managed to surpass those expectations for its second quarter with revenue of $894.5 million, a positive revenue surprise of $22.2 million (3%). The firm managed 0% growth year-over-year due to Boyd Gaming Corp reporting quarterly revenue of $893.6 million in its year-ago quarter. Boyd Gaming Corp achieved a lower earnings growth rate than revenue, signaling that the business has not been able to improve its profit margin.

The stock is up 0.9% to $54.77 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned Boyd Gaming Corp a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 39. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Boyd Gaming Corp is a multi-jurisdictional gaming company. The company operates wholly owned gaming entertainment properties (casino space, slot machines, table games, and hotel rooms) in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. Its business segments are separated by geographical regions: Las Vegas Locals; Downtown Las Vegas; and Midwest & South. Midwest & South holds the largest number of entertainment properties, and it generates most sales for the company. Boyd generates most of its revenue from its gaming operations.

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