Upcoming AWS Coverage on MGM Resorts International Post-Earnings Results
LONDON, UK / ACCESSWIRE / February 21, 2017 / Active Wall St. announces its post-earnings coverage on Boyd Gaming Corp. (NYSE: BYD). The Company released its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year fiscal 2016 (FY16) on February 14, 2017. The Las Vegas-based Company's quarterly net revenues and total adjusted EBITDA grew 2.2% and 5.7% y-o-y, respectively. Register with us now for your free membership at:
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One of Boyd Gaming's competitors within the Resorts & Casinos space, MGM Resorts International (NYSE: MGM), released its financial results for Q4 and full year 2016 on Thursday, February 16, 2017. AWS will be initiating a research report on MGM Resorts in the coming days.
Today, AWS is promoting its earnings coverage on BYD; touching on MGM. Get our free coverage by signing up to:
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Earnings Reviewed
During the quarter ended on December 31, 2016, Boyd Gaming net revenues were $554.82 million compared to $542.67 million recorded at the end of Q4 FY15. However, net revenue numbers for Q4 FY16 lagged behind market consensus estimates of $560.4 million. The Company's gaming revenues rose during Q4 FY16 to $461.13 million from $456.43 in the last year's comparable quarter. Food and beverage revenues were also up to $79.19 million in Q4 FY16 from $76.52 million in the year ago same quarter. Furthermore, Room revenues grew to $42.59 million in the reported quarter from $40.18 million in Q4 FY15.
The casino operator reported net income of $12.22 million, or $0.11 per diluted share, in Q4 FY16, compared to net loss of $6.87 million, or $0.06 loss per diluted share, in Q4 FY15. Meanwhile, the Company's adjusted earnings per share for Q4 FY16 came in at $44.29 million, or $0.38 per diluted share, versus $10.32 million, or $0.09 per share, in the previous year's same quarter. Wall Street had expected the Company to report adjusted earnings of $0.23 per share.
In FY16, Boyd Gaming's revenue came in at $2.18 billion compared to $2.20 billion in the previous year's same period. The Company reported net income of $418.00 million, or $3.63 per diluted share in FY16 versus $47.23 million, or $0.42 per diluted share, in FY15. Additionally, adjusted earnings for FY16 stood at $104.58 million, or $0.91 per share, compared to $49.37 million, or $0.43 per share, in FY15.
Operational Metrics
For the reported quarter, the Company's total operating costs and expenses were $524.85 million versus $495.87 million in the prior year's comparable quarter. The Company's operating income for Q4 FY16 came in at $29.97 million compared to $46.80 million in Q4 FY15. The Company reported adjusted EBITDA of $138.80 million for Q4 FY16 versus $131.32 million in last year's comparable quarter. As of December 31, 2016, Boyd Gaming had cash on hand of $193.9 million and total debt of $3.28 billion.
Segment-wise
Boyd Gaming's Las Vegas Locals operating segment reported net revenues of $185.65 million in Q4 FY16, up from $158.75 million in Q4 FY15. The segment's adjusted EBITDA improved to $52.80 million in Q4 FY16 from $44.00 million in the previous year's corresponding quarter.
Downtown Las Vegas operating segment's revenue was marginally down to $61.96 million in Q4 FY16 from $62.47 million in the previous year's same quarter. Furthermore, the segment reported adjusted EBITDA of $15.46 million in Q4 FY16 compared to $16.19 million in the prior year's comparable quarter.
The Company's Midwest and South segment's revenue fell during Q4 FY16 to $307.21 million from $321.46 million in Q4 FY15. During the reported period, the segment's adjusted EBIDTA came in at $86.06 million compared to $86.31 million in Q4 FY15.
Outlook
In its guidance for the full-year FY17, Boyd Gaming projects total adjusted EBITDA in the range of $585 million to $605 million. Furthermore, capital expenditures for FY17 are expected to be about $150 million.
Stock Performance
On Friday, February 17, 2017, the stock closed the trading session at $20.35, slightly rising 0.44% from its previous closing price of $20.26. A total volume of 1.61 million shares have exchanged hands, which was higher than the 3-month average volume of 1.31 million shares. Boyd Gaming's stock price advanced 9.00% in the last three months, 3.35% in the past six months, and 24.85% in the previous twelve months. Moreover, the stock gained 0.89% since the start of the year. Shares of the company have a PE ratio of 10.79 and have a market capitalization of $2.29 billion.
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SOURCE: Active Wall Street