Penn National reports revenue growth

The Pennsylvania-based company delivered net revenues of US$826.9 million in the second quarter.

US.- Penn National Gaming reported on Thursday its profit for the second quarter of 2018, which shows an increase from the same period last year. During the three month period, the company totalled a profit of US$54 million.

The Wyomissing, Pennsylvania-based company revealed that it had net income of 57 cents per share, and that results surpassed Wall Street expectations. Zacks investment Research’s average estimate of six analysts surveyed was for earnings of 49 cents per share.

Penn National also posted revenue of US$826.9 million for the three month period, which represents a 3.8 per cent increase from the US$796.4 million registered during the same quarter in 2017. Those results also missed forecasts, as four analysts surveyed by Zacks expected US$837.1 million.

CEO Timothy J Wilmott commented: “Penn National delivered another strong quarter in which we exceeded our guidance for income from operations and adjusted EBITDA. Our solid second quarter results are largely attributable to same-store revenue growth at nearly two-thirds of our gaming operations and the continued success of our ongoing margin enhancement initiatives.

“As a result, all three of the company’s operating segments generated year-over-year adjusted EBITDA growth. Our margin enhancement initiatives, which began last October, continue to yield results, with ongoing focus on procurement, marketing and labour.”