Penn National Gaming Inc. (NASDAQ:PENN) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Penn National Gaming Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 14.86% to $0.63 in the quarter versus EPS of $0.74 in the year-earlier quarter.
Revenue: Rose 8.44% to $798.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Penn National Gaming Inc. reported adjusted EPS income of $0.63 per share. By that measure, the company missed the mean analyst estimate of $0.65. It missed the average revenue estimate of $804.34 million.
Quoting Management: Peter M. Carlino, Chairman and Chief Executive Officer of Penn National Gaming, commented, Our first quarter adjusted EBITDA results were approximately $4 million below our guidance. Despite the first quarter challenges, operating results at Penn Nationals East/West and Southern Plains segments exceeded the results contemplated in our guidance while the Midwest segment results met our expectations.”
Key Stats (on next page)…