Boyd Gaming Beats on Revenue, EPS Despite a COVID-19 Hit
Casino and gambling company Boyd Gaming (NYSE: BYD) released its third-quarter 2020 earnings report today, showing that while the coronavirus continues to depress results, Boyd is faring better than analysts expected. According to Zack's Equity Research, adjusted earnings per share of $0.38 easily beat Wall Street analyst expectations of $0.17, while analyst consensus revenue forecasts of $609.6 million were handily surpassed by the actual $652.2 million results.
The casino sector has been pummeled by pandemic lockdowns and health precautions during 2020, and the three months ending Sept. 30 showed only a modest decline year over year from Q3 2019. While revenue is 20.4% lower, adjusted earnings fell only 2.9% compared to last year, with adjusted EPS down just $0.01. The metrics show Boyd Gaming is functioning more efficiently, with 36.6% operating margin improving on 2019's 26.1%.
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Source Fool.com
