Q: Boyd results appear to be quite good. I would like to hear your opinion of their last quarter.
5i Research Answer:
EPS of 93c missed estimates of $1.05; revenue of $740M matched estimates. EBITDA of $94M was 1% light. Same store sales were good at 8.7%, but below estimates (9.5%). The company blamed mild winter weather. The long term forecast (doubling the size of the business in 2025 from 2019 levels) remains intact. It added 78 (net) locations last year. Heading into 2024, same store sales growth is still positive but running below the 10-year average. The stock has been quite strong but will likely sell off on the 'miss'.