Penn National Gaming Reports Mixed Q1 Earnings, Lifts FY22 EBITDAR Outlook

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  • Penn National Gaming Inc PENN reported first-quarter FY22 sales growth of 22.4% year-on-year, to $1.56 billion, beating the analyst consensus estimate of $1.53 billion.
  • Gaming revenue rose 19.33%, while food, beverage, hotel, and other revenue increased 41.5% Y/Y.
  • Revenue from Northeast, South, West, and Midwest segments surged from last year.
  • Adjusted EBITDAR of $494.7 million increased 10.7% year-over-year. EPS of $0.29 missed the analyst consensus of $0.43.
  • Total operating expenses increased 20.2% Y/Y to $1.3 billion. The operating margin was 18.7%, and operating income for the quarter was $292 million. 
  • Adjusted EBITDA was $434.6 million. Adjusted EBITDAR was $494.7 million, with an Adjusted EBITDAR margin of 31.6%, contracting 344 basis points Y/Y.
  • The company held $1.8 billion in cash and equivalents as of March 31, 2022.
  • Outlook: Penn raised its FY22 sales outlook to $6.15 billion - $6.55 billion, versus the consensus estimate of $6.20 billion.
  • It raised adjusted EBITDAR guidance to $1.875 billion - $2.00 billion.
  • Price action: PENN shares are trading higher by 0.83% at $39.05 in premarket on the last check Wednesday.
  • Photo by Ivan Radick via Flickr
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