Factors Setting the Tone For Boyd Gaming (BYD) in Q1 Earnings

Boyd Gaming Corporation BYD is scheduled to report first-quarter 2024 results on Apr 25. In the last reported quarter, the company delivered an earnings surprise of 16.1%.

How Are Estimates Placed?

The Zacks Consensus Estimate for first-quarter earnings per share (EPS) is pegged at $1.57, indicating a fall of 8.2% from $1.71 reported in the year-ago quarter.

For revenues, the consensus mark is at nearly $0.9 billion. The metric suggests a decline of 1.7% from the year-ago quarter’s figure.

Boyd Gaming Corporation Price and EPS Surprise

 

Boyd Gaming Corporation Price and EPS Surprise

Boyd Gaming Corporation price-eps-surprise | Boyd Gaming Corporation Quote

 

Let's take a look at how things have shaped up in the quarter.

Factors at Play

Boyd Gaming’s first-quarter 2024 performance is likely to have benefited from robust visitation, new property openings and refurbishment of existing properties. This and the continued strength in the online segment and growth in the non-gaming business are likely to have aided the company’s top line in the to-be-reported quarter.

Steady customer trends in the Las Vegas Locals segment, with stability in play volumes and contributions from the construction projects at Main Street Station and the Fremont, are likely to have aided the company’s performance in the first quarter. With the completion of the projects and Fremont's notable success, Downtown Las Vegas appears poised for significant growth in the first quarter.

The strength of the Southern Nevada economy reinforces the positive outlook for BYDs first-quarter operations in Las Vegas. Strong demand is expected in the cash hotel business at both Locals and Downtown properties. Additionally, the tourism sector's long-term prospects remain promising, with a notable increase in visitor numbers to Nevada in 2023 compared to previous years.

However, weather challenges, impact from the entry of a new competitor into the Las Vegas Locals market and a room remodeling project at the Gold Coast Hotel are likely to have impacted the company’s performance in the first quarter. The company anticipates tougher year-over-year comparisons for first-quarter metrics.

Our Take

Considering the positive and challenging factors, investors may consider maintaining a cautious approach towards Boyd Gaming's stock, weighing the potential impact of the factors mentioned above on the company's performance.

What Our Model Says

Our proven model predicts an earnings beat for Boyd Gaming this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat.

Earnings ESP: Boyd Gaming has an Earnings ESP of +0.75%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company has a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

Other Stocks Poised to Beat Earnings Estimates

Here are some other stocks from the Zacks Consumer Discretionary space that investors may consider, as our model shows that these have the right combination of elements to post an earnings beat.

Fox Corporation FOXA has an Earnings ESP of +15.53% and a Zacks Rank of 3 at present.

FOXA is expected to register a 23.4% increase in earnings for the to-be-reported quarter. It reported better-than-expected earnings in each of the trailing four quarters, the average surprise being 71.1%.

DraftKings Inc. DKNG currently has an Earnings ESP of +36.22% and a Zacks Rank of 3.

DKNG’s earnings for the to-be-reported quarter are expected to increase 67.8%. It reported better-than-expected earnings in two of the trailing four quarters and missed on the other two occasions, with a negative surprise of 57.1% on average.

Funko, Inc. FNKO currently has an Earnings ESP of +6.90% and a Zacks Rank of 3.

FNKO’s earnings for the to-be-reported quarter are expected to increase 40.8%. It reported better-than-expected earnings in three of the trailing four quarters and missed on one occasion, the average surprise being 42.8%.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

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Boyd Gaming Corporation (BYD) : Free Stock Analysis Report

Fox Corporation (FOXA) : Free Stock Analysis Report

Funko, Inc. (FNKO) : Free Stock Analysis Report

DraftKings Inc. (DKNG) : Free Stock Analysis Report

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Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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