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- pen entertainment Ltd. pen reported fourth-quarter 2022 revenue of $1.585 billion, up 0.8% year-on-year, just above consensus of $1.58 billion.
- Gaming revenue decreased 2.6%, while food, beverage, hotel and other revenue increased 17.4% year-over-year.
- Revenues from the Northeast increased, while revenues from the West, Midwest, and South segments declined from last year.
- EPS was $0.13, halving from $0.26 reported a year ago.
- Total operating expenses were flat at $1.3 billion. With an operating margin of 15.3%, operating profit for the quarter he was $242.9 million.
- Adjusted EBITDA increased 18.8% to $438.3 million. Adjusted EBITDAR decreased 2.5% to $468.3 million, resulting in an adjusted EBITDAR margin of 29.5%, a decline of 110 basis points from the prior year.
- As of December 31, 2022, the company had $1.6 billion in cash and equivalents.
- In the fourth quarter, PENN repurchased 2.9 million shares for $91 million. As of February 1, 2023, he has $117.8 million remaining available under the February 2022 approval and $750 million under the December 2022 approval was.
- Outlook: PENN is expected to have revenues of $6.15 billion to $6.58 billion and adjusted EBITDAR of $1.875 billion to $2.0 billion in 2023.
- Price action: At the last check on Thursday, PENN shares are down 1.65% to trade at $35.26.
- photo via company
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