Penn Entertainment Shares Fall After Q1 Results: Here's Why

PENN Entertainment, Inc. PENN shares are trading lower Thursday after the company reported worse-than-expected first-quarter financial results. Here's a look at the key figures from the report. 

The Details:

Penn Entertainment reported quarterly losses of 79 cents per share which missed the analyst consensus estimate of losses of 59 cents by 33.9%. 

Quarterly sales came in at $1.607 billion, missing the analyst consensus estimate of $1.627 billion by 1.25% and representing a 3.95% decrease from the same period last year.

Total liquidity as of March 31, 2024 was $1.9 billion, inclusive of $903.6 million in cash and cash equivalents. Traditional net debt as of the end of the quarter was $1.7 billion.

“Our property level performance showed resilience this quarter, with stable trends continuing into April following portfolio-wide severe weather through mid-February. Meanwhile, ESPN BET continues to drive strong top of funnel demand due to the reach and affinity for the ESPN brand, which led to record online sports betting handle and iCasino gross gaming revenue in the quarter," said Jay Snowden, CEO of Penn Entertainment. 

"However, Interactive segment results were negatively impacted primarily by unfavorable hold from major sporting events. We look forward to unveiling additional product enhancements and unique media integrations with ESPN ahead of the 2024 football season. Our improved online product offering will help engage, reactivate, and retain our expanding database, while also advancing our strategy to create a highly differentiated experience for sports fans and sports bettors," Snowden added. 

Related News: Enovix Stock Soars On Blockbuster Q1 Sales

PENN Price Action: According to Benzinga Pro, Penn Entertainment shares are down 8.18% at $15.10 at the time of publication Thursday. 

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