Boyd Gaming (BYD) Reports Q1: Everything You Need To Know Ahead Of Earnings

Max Juang /
2024/04/24 3:03 am EDT

Gaming and hospitality company Boyd Gaming (NYSE:BYD) will be announcing earnings results tomorrow afternoon. Here's what to look for.

Last quarter Boyd Gaming reported revenues of $954.4 million, up 3.4% year on year, beating analyst revenue expectations by 2.7%. It was a mixed quarter for the company, with a decent beat of analysts' revenue and EPS expectations, driven by better-than-expected performance in its Las Vegas segment. On the other hand, its operating margin missed Wall Street's estimates.

Is Boyd Gaming buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Boyd Gaming's revenue to decline 1% year on year to $954.5 million, a further deceleration on the 12% year-over-year decrease in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.59 per share.

Boyd Gaming Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 3.3%.

Looking at Boyd Gaming's peers in the consumer discretionary segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Monarch delivered top-line growth of 4.3% year on year, missing analyst estimates by 0.5% and Nike reported revenues up 0.3% year on year, exceeding estimates by 1.1%. Monarch traded down 3.9% on the results, and Nike was up 3%.

Read our full analysis of Monarch's results here and Nike's results here.

Tech stocks have been facing declining investor sentiment in 2022 and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share price declining 4.1% over the last month. Boyd Gaming is down 3.1% during the same time, and is heading into the earnings with analyst price target of $76.5, compared to share price of $63.6.

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