- PENN Entertainment Inc (NASDAQ:PENN) shares are down sharply Thursday morning following its Q1 results. The company surpassed Street view as its solid performance in the Northeast mostly offset softer results in the South.
- PENN reported first-quarter FY23 sales growth of 7% year-on-year to $1.67 billion, beating the consensus of $1.59 billion.
- Gaming revenue rose 2.6%, while Food, beverage, hotel, and other revenue increased 27.7% Y/Y.
- Revenue from Northeast, Midwest, and Interactive segments rose from last year, while that of South and West segments decreased Y/Y.
- Adjusted EPS of $0.44 beat the analyst consensus of $0.38.
- Total operating expenses increased 15.8% Y/Y to $1.5 billion. The operating margin was 11.9%, and operating income for the quarter was $199.1 million.
- Adjusted EBITDA fell 23.6% to $332.2 million. Adjusted EBITDAR dropped 3.3% to $478.2 million, with an Adjusted EBITDAR margin of 28.6%, contracting 300 basis points Y/Y.
- The company held $1.3 billion in cash and equivalents as of March 31, 2023.
- In Q1, PENN repurchased 1.6 million shares for $50 million. The remaining availability under its February 2022 authorization was $80.4 million and under December 2022 authorization was $750 million as of May 3, 2023.
- Outlook: The company raised its prior 2023 revenue guidance range to $6.37 billion – $6.81 billion (prior view $6.15 billion – $6.58 billion) (consensus $6.46 billion) to reflect the Barstool acquisition, which is neutral to Adjusted EBITDAR. As a result, the company’s prior 2023 Adjusted EBITDAR guidance range of $1.875 billion ‒ $2.0 billion remains unchanged.
- Also Read: Penn Entertainment Analyst Downgrades Barstool Sports Owner, Names 2 Gaming Stocks To Buy
- Price Action: PENN shares are trading lower by 11.24% at $26.73 on the last check Thursday.
Harmonic: Q2 Earnings Insights
Harmonic (NASDAQ:HLIT) reported its Q2 earnings results on Monday, August 1, 2022 at 04:05 PM.
Here's what investors need to know about the announcement.
Earnings
Harmonic beat estimated earnings by 77.78%, reporting an EPS of $0.16 versus an estimate of $0.09.
