Stock Alert: Boyd Gaming To Report Q1 Results Today

Casino entertainment company Boyd Gaming Corporation (BYD) is scheduled to report first-quarter results today, April 28 after the market close.

Casino operators were among the first whose businesses were closed during the outbreak of Covid-19 pandemic. As for Boyd Gaming, almost all of its operations remain shut and the reopening dates are not yet known.

The company has taken strict measures to wade through the current difficult situation. It has postponed all non-essential spending, suspended quarterly dividend and also has decided to place most of its staff, other than some essential ones, on unpaid furlough till its properties are re-open.

“As a result of these difficult but necessary actions, we are confident Boyd Gaming will have sufficient liquidity and resources to sustain itself until we are able to re-open for business. We will continue to carefully review our operations and expenditures during the closure period and make additional adjustments as necessary,” said Keith Smith, President and Chief Executive Officer of Boyd Gaming.

For the first quarter, 10 analysts on average polled by Thomson Reuters expect the company to report earnings of $0.16 on revenue of $775.17 million.

In the last four quarters, only in the second quarter, the company’s earnings missed the Street view.

Last month the company had suspended its quarterly dividend program and withdrawn annual guidance due to the impact of the COVID-19 pandemic on the Company’s operations.

Shares of Boyd Gaming have gained more than 150% from its 52 week low of $6.44 hit on March 18. It has recorded a 52 week high of $36.22 on February 21.

In the fourth quarter ended December 31, 2019, revenue increased 5.2% year-over-year to $833.1 million. Earnings of $0.50 beat the consensus estimate at $0.47.

Monday, BYD shares were up $0.98 or 6.34% before closing at $16.44.

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