posted third-quarter adjusted earnings well above analysts' estimates, as growth at its Las Vegas and Atlantic City properties helped offset losses caused by the Gulf Coast hurricanes.
Boyd's third-quarter net income fell to $32.9 million, or 36 cents a share, from $35.5 million, or 40 cents a share, a year earlier. The results were pulled down by $17.5 million in losses on early debt retirement and $7.3 million in hurricane expenses.
Adjusted earnings, which exclude these costs and certain other items, rose to $51.4 million, or 57 cents a share, from $33.3 million, or 38 cents a share, a year earlier. Analysts, on average, expected adjusted earnings of 51 cents a share, according to Thomson First Call.
Boyd's revenue rose to $536.5 million from $522.5 million a year earlier, short of analysts' expectation of $542.5 million. The Las Vegas-based company said revenue rose 10% in Nevada, where its properties include Sam's Town, Coast Casinos and the Stardust. That gain was partly offset by a 7% decline in revenue from its Central region, where several casinos were hurt by disruptions from hurricanes Katrina and Rita.
The company said it also had strong results from the Borgata, the lavish Atlantic City, N.J., casino it operates as a joint venture with
. The Borgata's net revenue for the quarter rose 14.7% over last year's third quarter to $214 million.
Boyd shares recently rose 4.5% in after-hours trading to $45.11, according to Inet.