Boyd Gaming Beats Q3 Rev View As Net Loss Narrows
Boyd Gaming Corporation (NYSE: BYD) beat third-quarter revenue expectations on a sharply narrower net loss, but its adjusted profits missed Street views.
The Las Vegas-based casino company gained nearly 8 percent in the extended session.
The company said it expects $590 million to $600 million in 2014 adjusted earnings before interest, taxes, depreciation and amortization, compared with the $610.4 million in total EBITDA it posted for 2013. This includes results from Boyd's joint venture with Borgata Hotel and Casino in Atlantic City.
Boyd remains 50 percent owner and managing partner of the Borgata.
Boyd's recent third-quarter net loss narrowed to $15.1 million, or $0.14 a share, from a net loss of $37.3 million, or $0.37 a share, for the year-earlier period.
Adjusted earnings were break-even per share, while revenue was nearly flat at $738.8 million, compared with $738.6 million last year.
Wall Street expected adjusted profit of $0.02 a share, on revenue of $734.8 million.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.