Shares of Boyd Gaming rise after posting in-line 3Q earnings |
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Wed, 31 Oct 2007 16:41
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NEW YORK (Thomson Financial) - Shares of Boyd Gaming Corp. rose Wednesday after posting third-quarter earnings that were in-line with analysts' expectations.Third-quarter adjusted earnings fell to $38.4 million, or 43 cents a share, from $38.8 million, or 44 cents a share, in the same period last year.Third-quarter revenue fell 7.7% to $490.1 million from the comparable period last year.The company attributed the revenue decrease to the opening of a new competitor in the northern Indiana market; normalization of operating results at Treasure Chest; and the closure of Stardust.The quarter's earnings were in-line with the mean estimates of analysts polled by Thomson Financial for earnings of 42 cents a share and revenue of $492 million in the third quarter.'Treasure Chest has stabilized well ahead of pre-hurricane levels. We are also optimistic about our long-term competitive position at Blue Chip, given the schedule opening of our new hotel late next year,' the company said.The company declared a quarterly dividend of 15 cents a share payable on Dec. 3 and to shareholders of record at the close of business on Nov. 16.'We believe the Street was looking for Boyd to miss consensus. As a result, we believe the stock will be up today on the surprisingly strong results,' said Celeste Mellet Brown, an analyst at Morgan Stanley.Shares of the Las Vegas-based casino entertainment facility provider were up 7.2% at $41.90.Melinda Peermp/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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