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Penn National (PENN) Q2 Earnings Beat Estimates, Revenues Lag
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Penn National Gaming, Inc. (PENN - Free Report) is a leading, multi-jurisdictional owner and manager of gaming and racing facilities with video gaming terminal operations, and a focus on slot machine entertainment. As of Mar 31, 2018, the company operated 29 facilities in the following 17 jurisdictions — Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, California and Ontario.
In 2017, the company entered into an agreement to acquire Pinnacle Entertainment, Inc., a leading regional gaming operator. This transaction, which is expected to close in the second half of 2018, is likely to add 11 more properties to the casino giant’s current properties.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has been revised downward over the past seven days. In fact, the company has missed the consensus mark in two of the trailing four quarters (excluding the quarter under review) with an average negative surprise of 28.5%.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: The company reported adjusted earnings of 57 cents per share outperforming the consensus estimate of 49 cents.
Revenues: Penn National reported revenues of $826.9 million. This however lagged the consensus estimate of $837.1 million.
Key Stats to Note: Adjusted EBITDA margins in the second quarter increased by 133 basis points (bps) to 29.9%.
Check back for our full write up on this PENN earnings report later!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Penn National (PENN) Q2 Earnings Beat Estimates, Revenues Lag
Penn National Gaming, Inc. (PENN - Free Report) is a leading, multi-jurisdictional owner and manager of gaming and racing facilities with video gaming terminal operations, and a focus on slot machine entertainment. As of Mar 31, 2018, the company operated 29 facilities in the following 17 jurisdictions — Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, California and Ontario.
In 2017, the company entered into an agreement to acquire Pinnacle Entertainment, Inc., a leading regional gaming operator. This transaction, which is expected to close in the second half of 2018, is likely to add 11 more properties to the casino giant’s current properties.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2018 has been revised downward over the past seven days. In fact, the company has missed the consensus mark in two of the trailing four quarters (excluding the quarter under review) with an average negative surprise of 28.5%.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: The company reported adjusted earnings of 57 cents per share outperforming the consensus estimate of 49 cents.
Revenues: Penn National reported revenues of $826.9 million. This however lagged the consensus estimate of $837.1 million.
Key Stats to Note: Adjusted EBITDA margins in the second quarter increased by 133 basis points (bps) to 29.9%.
Zacks Rank: PENN currently sports a Zacks Rank #1 (Strong Buy) but that could change following the earnings report which was just released. You can see the complete list of today’s Zacks#1 Rank stocks here.
Penn National Gaming, Inc. Price, Consensus and EPS Surprise
Penn National Gaming, Inc. Price, Consensus and EPS Surprise | Penn National Gaming, Inc. Quote
Check back for our full write up on this PENN earnings report later!
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>