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- Penn National Gaming Inc PENN reported third-quarter FY21 sales growth of 33.8% year-on-year, to $1.51 billion, meeting the analyst consensus estimate of $1.51 billion.
- Gaming revenue rose 26.4%, while food, beverage, hotel, and other revenue increased 87.8% Y/Y.
- Revenue from Northeast, South, West, and Midwest segments surged from last year.
- EPS of $0.52 versus $0.93 last year missed the analyst consensus of $0.89.
- Total operating expenses shot up 36.3% Y/Y to $1.3 billion. The operating margin was 15.8%, and operating income for the quarter rose 21.8% Y/Y to $239.1 million.
- Adjusted EBITDA was $364.3 million. Adjusted EBITDAR was $480.3 million, with an Adjusted EBITDAR margin of 31.8%, contracting 830 basis points Y/Y and expanding 170 basis points versus 2019.
- The company held $2.7 billion in cash and equivalents as of September 30, 2021.
- "While July was a record month, the second half of August and September was impacted by Hurricane Ida and regional flare-ups of the Delta variant, which reduced property Adjusted EBITDAR and Adjusted EBITDAR margins by an estimated $30 million and 85 basis points, respectively. As the operating environment has normalized, we have seen improved results in October," said CEO Jay Snowden.
- Price Action: PENN shares traded lower by 11.3% at $64.53 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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