Penn National Gaming Inc PENN is trading relatively flat Thursday afternoon after surging higher at the open following better-than-expected sales results. The company also issued guidance and announced a $750 million buyback.
Penn National reported fourth-quarter revenue of $1.6 billion, which beat the $1.51 billion estimate. The company reported $44.8 million in net income on 2.8% margins, which is up from net income of $12.7 million on 1.2% margins in the fourth-quarter of 2020.
"Given our confidence and improved visibility regarding both our retail and interactive segments, as well as our strong financial position, we are pleased to announce that our Board of Directors has authorized a $750 million, three-year share repurchase program, and we are re-initiating guidance," said Jay Snowden, president and CEO of Penn National.
Penn National said it expects full-year 2022 revenue to be between $6.07 billion and $6.39 billion versus the $6.2 billion estimate.
"As I think about the future of Penn National, I am immensely excited about our growth trajectory as we continue to execute on our omni-channel and media strategy and realize the benefits of several noteworthy accomplishments," Snowden added.
Penn National is an operator of gaming and racing properties, as well as video gaming terminal operations in the U.S.
PENN Price Action: Penn National has traded as low as $37.75 and as high as $142 over a 52-week period.
The stock was down 0.83% at $45.29 at time of publication.
Photo: GregMontani from Pixabay.
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