Boyd Gaming Falls After Q4 Results
Boyd Gaming Corporation (NYSE: BYD) is down less than one percent in after hours trading after the company announced its fourth quarter results.
The firm reported a Q4 EPS of $(0.24) versus the Street estimate of $(0.25).
Earnings per share were up 23 percent from the year-ago period.
Revenue arrived at $681.5 million versus the Street estimate of $685.7 million. Sales were up nine percent year-over-year.
"We made great progress executing on our strategic plan in 2013, despite some external headwinds that we faced over the course of the year," Keith Smith, President and Chief Executive Officer of Boyd Gaming, said in a company release.
"We made significant refinements to our marketing and operations, launched a market-leading online gaming presence in New Jersey, and introduced our Penny Lane initiative across the country. We successfully integrated Peninsula Gaming into our Company, generating nearly $100 million in free cash flow from these assets during our first full year of ownership. Our Las Vegas Locals business returned to consistent growth, with four consecutive quarters of EBITDA gains. And we significantly strengthened our balance sheet, repaying $525 million in debt and eliminating more than $60 million in interest expense."
Shares of Boyd Gaming performed very well in 2013, rising more than 64 percent over the last 12 months. At market close on Tuesday, March 4, Boyd Gaming was up more than one percent year-to-date.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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