Boyd (BYD) Shares Top $10 Following Q4 Results
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Shares of Boyd Gaming Corporation (NYSE: BYD) are trading up 4.5 percent in pre-market hours Tuesday following news of the company's fourth-quarter results.
Net revenue was $606.7 million, an increase of 9.9 percent from $551.9 million during the same quarter in 2010. Total revenue came in above the Street’s consensus of $597.2 million. Gaming revenue rose 10.5 percent year over year, while Food and Beverage increased 10.7 percent and Room grew 8.4 percent.
Costs and expenses totaled $551.83 million, roughly $41 million higher than the same period in 2010. Operating income increased 33 percent $54.8 million year over year.
Total Adjusted EBITDA rose 14.3 percent to $114.3 million, compared to $100.0 million in the prior year.
The company reported a net loss of $0.5 million, or $0.01 per share, compared to a net loss of $7.1 million, or $0.08 per share, in the same period last year. The adjusted loss of $2.9 million, or $0.03 per share, compared to a loss of $3.9 million, or $0.05 per share, for the same period in 2010. The Street’s consensus was calling for a loss of $0.03 per share.
Commenting on the quarter, Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "We continued to produce consistent growth across the business in the fourth quarter. Our focus on profitable revenue growth and creating efficiencies allowed us to produce gains in EBITDA every quarter in 2011 and, for the first time in several years, we reported revenue increases in each of our business segments during the quarter. As economic conditions strengthen in our core markets, we are confident that our strategy of keeping a tight rein on costs, generating profitable new revenues and diversifying our sources of cash flow will deliver bottom-line results."
Net revenue was $606.7 million, an increase of 9.9 percent from $551.9 million during the same quarter in 2010. Total revenue came in above the Street’s consensus of $597.2 million. Gaming revenue rose 10.5 percent year over year, while Food and Beverage increased 10.7 percent and Room grew 8.4 percent.
Costs and expenses totaled $551.83 million, roughly $41 million higher than the same period in 2010. Operating income increased 33 percent $54.8 million year over year.
Total Adjusted EBITDA rose 14.3 percent to $114.3 million, compared to $100.0 million in the prior year.
The company reported a net loss of $0.5 million, or $0.01 per share, compared to a net loss of $7.1 million, or $0.08 per share, in the same period last year. The adjusted loss of $2.9 million, or $0.03 per share, compared to a loss of $3.9 million, or $0.05 per share, for the same period in 2010. The Street’s consensus was calling for a loss of $0.03 per share.
Commenting on the quarter, Keith Smith, President and Chief Executive Officer of Boyd Gaming, said, "We continued to produce consistent growth across the business in the fourth quarter. Our focus on profitable revenue growth and creating efficiencies allowed us to produce gains in EBITDA every quarter in 2011 and, for the first time in several years, we reported revenue increases in each of our business segments during the quarter. As economic conditions strengthen in our core markets, we are confident that our strategy of keeping a tight rein on costs, generating profitable new revenues and diversifying our sources of cash flow will deliver bottom-line results."
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