Shares of Penn National Gaming Inc. PENN, -5.60% rose 1.4% in premarket trading Thursday, after the online gaming and sports betting company and Barstool Sports partner reported first-quarter profit that fell but revenue that rose to record levels to top expectations. Net income declined to $51.7 million, or 29 cents a share, form $91.0 million, or 55 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 43 cents. Revenue grew 22.7% to $1.56 billion, above the FactSet consensus of $1.53 billion, as gaming revenue increased 19.3% to $1.29 billion and food, beverage, hotel and other revenue rose 41.5% to $273.0 million. The company said a «rational and stable» marketing and promotional environment in most markets led to lower reinvestment rates. «We remain encouraged by the ongoing visitation from younger demographics and are focused on continuing to reimagine our properties and offerings to enhance the entertainment appeal to this steadily growing segment of consumers,» said Chief Executive Jay Snowden. The stock has dropped 25.3% year to date through Wednesday, while the S&P 500 SPX, -3.56% has lost 9.8%.
The Nasdaq lost 5% as investors try to figure out how much damage higher interest rates will do to the economy and earnings.
Tomi Kilgore is MarketWatch’s deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.
Visit a quote page and your recently viewed tickers will be displayed here.
source
Relacionado
