Boyd Gaming reports Q1 adjusted EPS $1.60, consensus $1.71

Reports Q1 revenue $997.4M, consensus $1B. CEO Keith Smith said: “Our Q1 results reflect the benefits of our diversified business, our successful focus on operating efficiencies and our ongoing capital investment program. On a property-level basis, we achieved year-over-year revenue and Adjusted EBITDAR growth, as property margins once again exceeded 39%. These results were supported by continued growth in play from both core and retail customers on a Companywide basis, driven by broad-based strength in our Midwest & South segment. During the quarter we continued to invest in enhancing our properties and building our development pipeline…At the same time, we maintained our robust program of returning capital to our shareholders, with nearly $170M in share repurchases and dividends during the first quarter. Looking ahead, we believe that our strong balance sheet, diversified portfolio, balanced approach to capital allocation and experienced management team all position us well to continue creating long-term value for our shareholders.”