Published on 4 Aug 2022 on Benzinga via Yahoo Finance
Penn National Gaming Inc (NASDAQ: PENN) reported second-quarter FY22 sales growth of 5.2% year-on-year to $1.63 billion, beating the consensus of $1.61 billion.Gaming revenue rose 1.5%, while food, beverage, hotel, and other revenue increased 25.4% Y/Y.Revenue from Northeast, West, and Midwest segments rose from last year, while the South segment revenue declined Y/Y.EPS of $0.15 fell sharply from $1.17 a year ago.Total operating expenses increased 13.4% Y/Y to $1.3 billion. The operating margin was 18.6%, and operating income for the quarter was $302.4 million.Adjusted EBITDA rose 1.4% to $476.5 million. Adjusted EBITDAR fell 14% to $504.5 million, with an Adjusted EBITDAR margin of 31%, contracting 694 basis points Y/Y.The company held $1.7 billion in cash and equivalents as of June 30, 2022.Outlook: PENN reiterated the FY22 outlook for sales of $6.15 billion - $6.55 billion (consensus $6.36 billion) and Adjusted EBITDAR guidance of $1.875 billion - $2.00 billion.Price Action: PENN shares are trading higher by 0.57% at $36.80 on the last check Thursday.
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