Penn National Gaming (PENN) Tops Q1 EPS by 6c, Beats on Revenues; Boosts FY18 EPS/Revenue Outlook Above Consensus

Penn National Gaming (NASDAQ: PENN) reported Q1 EPS of $0.48, $0.06 better than the analyst estimate of $0.42. Revenue for the quarter came in at $816.2 million versus the consensus estimate of $810.92 million.

2018 First Quarter Financial Highlights:

• Net revenues of $816.1 million; a 5.1% increase
• Income from operations of $172.1 million, up 22.7%;
• Adjusted EBITDA of $242.6 million, up 6.6%;
• Adjusted EBITDA after master lease payments of $126.7 million, up 10.2%;
• Adjusted EBITDA margins increased by 42 basis points to 29.72%, with 15 of our 23 gaming operations delivering improved margins; and
• Traditional net debt ratio declined to 2.25x from 2.49x and gross and net leverage inclusive of master lease obligations declined to 5.45x and 5.20x, respectively, from 5.78x and 5.46x at December 31, 2017.

GUIDANCE:

Penn National Gaming sees FY2018 EPS of $1.62, versus the consensus of $1.55. Penn National Gaming sees FY2018 revenue of $3.235 billion, versus the consensus of $3.23 billion.

For earnings history and earnings-related data on Penn National Gaming (PENN) click here.

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