- Penn National Gaming Inc (NASDAQ:PENN) reported second-quarter FY22 sales growth of 5.2% year-on-year to $1.63 billion, beating the consensus of $1.61 billion.
- Gaming revenue rose 1.5%, while food, beverage, hotel, and other revenue increased 25.4% Y/Y.
- Revenue from Northeast, West, and Midwest segments rose from last year, while the South segment revenue declined Y/Y.
- EPS of $0.15 fell sharply from $1.17 a year ago.
- Total operating expenses increased 13.4% Y/Y to $1.3 billion. The operating margin was 18.6%, and operating income for the quarter was $302.4 million.
- Adjusted EBITDA rose 1.4% to $476.5 million. Adjusted EBITDAR fell 14% to $504.5 million, with an Adjusted EBITDAR margin of 31%, contracting 694 basis points Y/Y.
- The company held $1.7 billion in cash and equivalents as of June 30, 2022.
- Outlook: PENN reiterated the FY22 outlook for sales of $6.15 billion – $6.55 billion (consensus $6.36 billion) and Adjusted EBITDAR guidance of $1.875 billion – $2.00 billion.
- Price Action: PENN shares are trading higher by 0.57% at $36.80 on the last check Thursday.
Deutsche Bank Maintains Hold on Corning, Lowers Price Target to $37
Deutsche Bank analyst Matthew Niknam maintains Corning (NYSE:GLW) with a Hold and lowers the price target from $39 to $37.
