PENN Entertainment Misses Q1 Earnings Estimates After 'Severe Weather Challenges' Earlier This Year

PENN Entertainment Inc (NASDAQ:PENN) reported first-quarter financial results before the market open on Thursday. Here’s a rundown of the report.

Q1 Earnings: PENN Entertainment reported first-quarter revenue of $1.67 billion, missing analyst estimates of $1.70 billion, according to Benzinga Pro. The casino and sports betting company reported a first-quarter adjusted loss of 25 cents per share, missing estimates for a loss of 18 cents per share.

PENN Entertainment’s core business contributed $1.4 billion in revenue, and the interactive segment added $290.1 million in revenue.

The company said it repurchased approximately $1.41 million shares of its common stock for $25 million during the quarter. The company had total liquidity of $1.5 billion as of March 31, including $591.6 million in cash and cash equivalents. PENN Entertainment also reported $2.1 billion of traditional net debt at quarter’s end.

“PENN’s properties demonstrated strong resilience in the quarter following severe weather challenges earlier in the year, as gaming volumes rebounded in March and remained consistent through April and early May,” said Jay Snowden, president and CEO of PENN Entertainment.

“In our Interactive segment we generated record gaming revenue and significant year-over-year improvements in both revenue and Adjusted EBITDA despite industry-wide unfavorable sports betting hold.”

PENN Entertainment executives will further discuss the quarter on a conference call with investors and analysts at 9 a.m. ET.

PENN Price Action: PENN Entertainment shares were down 4.9% at $14.97 at the time of publication Thursday, per Benzinga Pro data.

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