PENN Entertainment, Inc. (NASDAQ:PENN) shares are trading higher Thursday after the company reported fourth-quarter financial results.
Beat On EPS, Revenue As Interactive Segment Gains Traction
The company reported adjusted earnings per share of 7 cents, beating the consensus estimate of a 5-cent loss. Revenue totaled $1.80 billion, exceeding the consensus estimate of $1.76 billion.
Retail segment revenue was $1.4 billion in the fourth-quarter. The Interactive segment generated revenue of $398.7 million.
"We experienced record Interactive segment gaming revenue in the fourth quarter driven by the continued growth of our standalone Hollywood iCasino product and increased cross-sell, as well as improvements in our online sportsbook product offering and operations," said CEO Jay Snowden.
As of Dec. 31, total liquidity was $1.1 billion, including $686.6 million in cash and cash equivalents. Traditional net debt stood at $2.2 billion at quarter end.
Penn Stock Climbs Higher
PENN Price Action: At the time of publication, Penn shares are trading 10.45% higher at $13.85, according to data from Benzinga Pro.
This illustration was generated using artificial intelligence via Midjourney.
