PENN Entertainment Clocks 0.8% Top-Line Growth In Q4 Hit By Severe Weather In December

  • PENN Entertainment Inc PENN reported fourth-quarter FY22 sales growth of 0.8% year-on-year to $1.585 billion, marginally beating the consensus of $1.58 billion.
  • Gaming revenue slipped 2.6%, while Food, beverage, hotel, and other revenue increased 17.4% Y/Y.
  • Revenue from the Northeast increased, whereas revenue from the West, Midwest, and South segments fell from last year.
  • EPS of $0.13 halved from the $0.26 reported a year-ago.
  • Total operating expenses remained flat at $1.3 billion. The operating margin was 15.3%, and operating income for the quarter was $242.9 million. 
  • Adjusted EBITDA rose 18.8% to $438.3 million. Adjusted EBITDAR fell 2.5% to $468.3 million, with an Adjusted EBITDAR margin of 29.5%, contracting 110 basis points Y/Y.
  • The company held $1.6 billion in cash and equivalents as of Dec. 31, 2022.
  • In Q4, PENN repurchased 2.9 million shares for $91 million. The remaining availability under its February 2022 authorization was $117.8 million, and $750.0 million under its December 2022 authorization as of Feb. 1, 2023.
  • Outlook: PENN sees FY23 sales of $6.15 billion - $6.58 billion and an Adjusted EBITDAR of $1.875 billion - $2.0 billion.
  • Price Action: PENN shares are trading lower by 1.65% at $35.26 on the last check Thursday.
  • Photo Via Company
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