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Penn National (PENN) Q3 Earnings & Revenues Beat Estimates
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Penn National Gaming, Inc. (PENN - Free Report) reported third-quarter 2020 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate for the second straight quarter.
Jay Snowden, its president and CEO, said “I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties.”
The company announced that it has officially launched the Barstool Sportsbook app in Pennsylvania on Sep 18. Barstool Sportsbook app broke the record for downloads for a new mobile sportsbook. As of Oct 24, approximately 48,000 people have registered through the app in Pennsylvania.
Earnings & Revenues Discussion
Adjusted earnings came in at 93 cents per share, beating the Zacks Consensus Estimate of 48 cents. In the year-ago period, the company had reported earnings of 38 cents per share.
Net revenues totaled $1,129.7 million, which surpassed the consensus mark of $1,111 million by 1.7%. However, the top line declined 16.6% from the year-ago quarter.
The Northeast segment reported revenues of $545.1 million, down 13.3% year over year. The South, Midwest, and West segments’ revenues were $255.6 million, $229.1 million and $78.7 million, down 7.6%, 16.9% and 51.3% year over year, respectively. Meanwhile, the Other segment reported revenues of $23.7 million, up 91.1% year over year.
Penn National Gaming, Inc. Price, Consensus and EPS Surprise
Adjusted EBITDAR increased 11% from the year-ago quarter to $452.6 million. Moreover, adjusted EBITDAR margin expanded to 40% from 30.1% a year ago.
Other Financial Information
At second quarter-end, cash and cash equivalents increased to $1,873.1 million from $437.4 million as of Dec 31, 2019. Bank debt as of Sep 30, 2020 was $1,754.8 million, up from $1,929.8 million on Dec 31, 2019.
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Penn National (PENN) Q3 Earnings & Revenues Beat Estimates
Penn National Gaming, Inc. (PENN - Free Report) reported third-quarter 2020 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate for the second straight quarter.
Jay Snowden, its president and CEO, said “I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties.”
The company announced that it has officially launched the Barstool Sportsbook app in Pennsylvania on Sep 18. Barstool Sportsbook app broke the record for downloads for a new mobile sportsbook. As of Oct 24, approximately 48,000 people have registered through the app in Pennsylvania.
Earnings & Revenues Discussion
Adjusted earnings came in at 93 cents per share, beating the Zacks Consensus Estimate of 48 cents. In the year-ago period, the company had reported earnings of 38 cents per share.
Net revenues totaled $1,129.7 million, which surpassed the consensus mark of $1,111 million by 1.7%. However, the top line declined 16.6% from the year-ago quarter.
The Northeast segment reported revenues of $545.1 million, down 13.3% year over year. The South, Midwest, and West segments’ revenues were $255.6 million, $229.1 million and $78.7 million, down 7.6%, 16.9% and 51.3% year over year, respectively. Meanwhile, the Other segment reported revenues of $23.7 million, up 91.1% year over year.
Penn National Gaming, Inc. Price, Consensus and EPS Surprise
Penn National Gaming, Inc. price-consensus-eps-surprise-chart | Penn National Gaming, Inc. Quote
EBITDAR
Adjusted EBITDAR increased 11% from the year-ago quarter to $452.6 million. Moreover, adjusted EBITDAR margin expanded to 40% from 30.1% a year ago.
Other Financial Information
At second quarter-end, cash and cash equivalents increased to $1,873.1 million from $437.4 million as of Dec 31, 2019. Bank debt as of Sep 30, 2020 was $1,754.8 million, up from $1,929.8 million on Dec 31, 2019.
Zacks Rank
Penn National — which shares space with Wynn Resorts (WYNN - Free Report) , Caesars Entertainment Corporation (CZR - Free Report) and Las Vegas Sands Corp. (LVS - Free Report) in the Zacks Gaming industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
Check out Zacks’ 2020 Election Stock Report >>