Boyd Gaming (BYD) reported first-quarter financial results that missed Wall Street expectations. Earnings per share reached $1.60, falling below the consensus estimate of $1.76. Quarterly revenue totaled $997.4 million, missing the anticipated $1.04 billion.
Management attributed the weaker-than-expected performance to softness in the Las Vegas locals market. Shares gapped down at the start of trading on April 24 following the announcement.
The company's Board of Directors authorized a new $500 million share repurchase program. Stifel Nicolaus lowered its price target for the stock to $91.00.