Boyd Gaming Corp. (BYD) on Tuesday reported that it turned to profit in first quarter benefited by higher revenues partly due to the acquisition of IP Casino Resort Spa. Quarterly earnings per share and top line beat analysts' estimates.
President and Chief Executive Officer Keith Smith said, "Our first quarter results were led by strong performances at our operations outside of Nevada, with double-digit EBITDA growth at a majority of these properties."
For its first quarter, net income attributable to the company was $5.85 million or $0.07 per share, compared to a net loss of $3.52 million or $0.04 per share last year.
Adjusted earnings, which excluded certain items, were $8.4 million or $0.10 per share, compared to a loss of $1.2 million or $0.01 per share a year ago. On average, 17 analysts polled by Thomson Reuters expected the company to earn $0.09 per share. Such estimates typically exclude special items.
Net revenues increased 12.1 percent to $633.08 million from last year's $564.95 million. Analysts projected revenues of $625.85 million.
Total Adjusted EBITDA rose 19.7 percent to $133.8 million.
Smith added, "We were particularly pleased that the IP was accretive to EPS during the first full quarter since we acquired it, generating significant EBITDA growth even before most synergies have been fully realized. These results were only a preview of the IP's full potential, and show the tremendous value of this acquisition."
by RTT Staff Writer
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