Boyd Gaming (BYD) Misses Q2 EPS by 14c
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Boyd Gaming (NYSE: BYD) reported Q2 EPS of $0.16, $0.14 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $544.9 million versus the consensus estimate of $558.66 million.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "The second quarter of 2016 was a significant time for our Company, as we executed several transactions that will strengthen our financial foundation and position us for continued growth. With the acquisitions of Aliante and the Cannery properties, we will be expanding our presence in the high-growth Las Vegas locals market. And we unlocked the significant value in our Borgata joint venture, allowing us to further accelerate our deleveraging efforts."
Smith continued, "In terms of our operational performance, results across our business segments were varied. In Las Vegas, strong performances in our Locals operations in April and June were tempered by a tough year-over-year comparison in May, while our Downtown Las Vegas operations continued to deliver a high level of performance. In the Midwest and South segment, our performance improved modestly from trends earlier in the year, while the Peninsula segment performed below our expectations, largely due to a weaker than expected gaming market in Kansas. We continue to make significant progress in the execution of our growth strategy, and are optimistic about the future."
Full Year 2016 GuidanceFollowing Boyd Gaming's divestiture of its 50% equity interest in Borgata, the Company is excluding Borgata's results from its guidance for the full year 2016.
Boyd Gaming projects wholly-owned Adjusted EBITDA of $535 million to $555 million for the full year 2016, which includes anticipated fourth-quarter contributions from Aliante and the Cannery properties. Excluding these pending acquisitions, the Company projects wholly-owned Adjusted EBITDA of $535 million to $545 million for the full year 2016.
For earnings history and earnings-related data on Boyd Gaming (BYD) click here.
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