Boyd Gaming Slips To Loss In Q1

(RTTNews) - Boyd Gaming Corp. (BYD) reported a preliminary net loss of $18.3 million, or $0.16 per share, for the first quarter of 2020, compared to net income of $45.5 million, or $0.40 per share, for the year-ago period. The results were severely impacted by closure of all properties in March due to the COVID-19 pandemic.

The company's first-quarter 2020 income tax provision included a $7.4 million charge to establish a valuation allowance for certain deferred tax assets.

Adjusted loss was $2.4 million or $0.02 per share, compared to adjusted earnings of $48.9 million or $0.43 per share, for the same period in 2019.

Revenues were $680.5 million, down from $827.3 million in the first quarter of 2019.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share and revenues of $775.17 million for the quarter. Analysts' estimates typically exclude special items.