In a remarkable display of market confidence, shares of Boyd Gaming Corp (NYSE:BYD (SZ:002594)) have surged to an all-time high, touching a price level of $74.78. The $6.6 billion market cap company has demonstrated impressive financial strength, with robust gross profit margins of 62% and EBITDA of $1.2 billion over the last twelve months. This milestone underscores the company's robust performance and investor optimism in its growth prospects. Over the past year, BYD has witnessed a substantial appreciation in value, with the stock experiencing a 1-year change of 22.43%. According to InvestingPro, 12 analysts have revised their earnings upwards for the upcoming period, with the stock currently showing modest upside potential to its Fair Value. This impressive uptrend reflects the company's strong financial results and strategic initiatives that have resonated well with investors, positioning BYD as a standout performer in its sector.
In other recent news, Boyd Gaming Corporation reported robust performance for its third quarter, highlighting successful property-level margins, strong market trends in Southern Nevada, and significant progress on various expansion plans. The firm's property-level margins exceeded 39%, with the Midwest and South segment seeing record performance, particularly from the Treasure Chest Casino (EPA:CASP). The online segment, in partnership with FanDuel, is anticipated to bolster EBITDAR guidance. Expansion plans include the Sky River Expansion, Cadence Crossing Casino, and a Norfolk, Virginia casino.
Boyd Gaming repurchased $202 million in stock and plans to continue a $100 million quarterly share repurchase program, while maintaining a leverage ratio of 2.5 times. The company's capital expenditures for 2024 are estimated between $400 million and $425 million. Despite a slight decrease in EBITDAR margins from 50% to 49% compared to the previous year, and the impact of hurricanes on some market areas, the company remains committed to disciplined growth and operational efficiency. The online segment's projected EBITDA for 2024 is $105 million. These are recent developments that underline the company's strategic approach to growth and shareholder returns.
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