Penn National Gaming (PENN) Tops Q3 EPS

Penn National Gaming (NASDAQ: PENN) reported Q3 EPS of $0.93, versus the analyst estimate of $0.49. Revenue for the quarter came in at $1.13 billion versus the consensus estimate of $1.08 billion.

• Net Income of $141.2 Million
• Adjusted EBITDAR of $452.6 Million
• Adjusted EBITDA of $343.6 Million

Jay Snowden, President and Chief Executive Officer, commented: “I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties.

“The current operating environment has demonstrated the resilience of our teams and operations as we’ve made significant modifications to our business model to respond to the new volumes, offerings, and ongoing restrictions. In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received. As we look ahead, we continue to see solid results across the portfolio in October, which is being driven not only by our margin improvement, but also our sustained revenue performance as we have continued to manage the ongoing COVID-19 restrictions. In sum, we believe we can close out the year with positive momentum.”

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

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