PENN ENTERTAINMENT Reports Record Earnings for Q2 of FY 2023
August 12, 2023
☀️Earnings Overview
For the second quarter of its fiscal year 2023, PENN ENTERTAINMENT ($NASDAQ:PENN) registered total revenue of USD 1674.8 million, signifying a year-over-year rise of 2.9%. Net income was also up from the prior year’s USD 26.1 million, totaling USD 78.4 million.
Price History
On Wednesday, PENN ENTERTAINMENT announced record earnings for the second quarter of FY 2023. The news resulted in a 9.1% increase in the company’s stock price, opening at $29.0 and closing at $27.1, up from it’s closing price of 24.8 the previous day. PENN ENTERTAINMENT attributed the impressive performance to a strong focus on customer satisfaction and innovative marketing campaigns. The company also credited the success to increased investment in technology and their commitment to sustainability initiatives.
The results of the earnings report have caused a strong rally in PENN ENTERTAINMENT’s stock. With analysts predicting further growth, PENN ENTERTAINMENT looks primed for success in the coming quarters. The company is sure to be one of the most watched stocks in the market in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Penn Entertainment. More…
| Total Revenues | Net Income | Net Margin |
| 6.56k | 736.3 | 4.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Penn Entertainment. More…
| Operations | Investing | Financing |
| 765.5 | -607.8 | -589.8 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Penn Entertainment. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 17.03k | 12.82k | 27.9 |
Key Ratios Snapshot
Some of the financial key ratios for Penn Entertainment are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 16.8% | 52.5% | 21.6% |
| FCF Margin | ROE | ROA |
| 7.3% | 21.2% | 5.2% |
Analysis
At GoodWhale, we have conducted an analysis of PENN ENTERTAINMENT‘s wellbeing and have determined that based on our Star Chart it is classified as a ‘gorilla’. This classification indicates that the company has achieved a stable and high revenue or earning growth due to a strong competitive advantage. Given this classification, we believe PENN ENTERTAINMENT may attract types of investors who are seeking high revenue or income growth businesses. Furthermore, PENN ENTERTAINMENT has also been awarded a high health score of 8/10 with regards to its cashflows and debt, demonstrating that it is capable of paying off debt and funding future operations. An additional analysis of PENN ENTERTAINMENT’s performance indicates that it is strong in growth, medium in profitability and weak in assets and dividends. More…
Peers
The company has its headquarters in Wyomissing, Pennsylvania. Penn National Gaming Inc operates in the following segments: Gaming, Racing, and Hospitality. The company operates gaming facilities in Pennsylvania, Ohio, Louisiana, Illinois, Mississippi, and Maryland. The company was founded in 1969 and it employs around 26,000 people. Penn National Gaming Inc’s main competitors are DraftKings Inc, Caesars Entertainment Inc, and Boyd Gaming Corp. These companies are all gaming companies that operate in the United States.
– DraftKings Inc ($NASDAQ:DKNG)
DraftKings Inc is a digital sports entertainment and gaming company. It operates through two segments, Digital Sports and Gaming Platform, and Media Platform. The company was founded in 2012 and is headquartered in Boston, Massachusetts.
DraftKings Inc’s market cap is 5.93B as of 2022. The company has a Return on Equity of -105.71%.
DraftKings Inc operates a digital sports entertainment and gaming platform. The company offers daily fantasy sports, sports betting, and online gaming products. DraftKings Inc also operates a media platform that provides content and data products.
– Caesars Entertainment Inc ($NASDAQ:CZR)
Caesars Entertainment Inc is a gaming company that owns and operates casinos and resorts. As of 2022, the company has a market capitalization of 8.49 billion dollars and a return on equity of 19.66%. The company’s casinos are located in the United States, Canada, the United Kingdom, and Macau. The company’s resorts offer a variety of gaming, lodging, dining, entertainment, and retail options.
– Boyd Gaming Corp ($NYSE:BYD)
Boyd Gaming Corporation is an American gaming and hospitality company based in Las Vegas, Nevada. The company continues to be run by the Boyd family under the management of Sam Boyd, who founded the company in 1975. The company owns and operates 22 gaming properties in seven states. Boyd Gaming is the largest operator of casinos in Louisiana.
The company’s market cap is 5.71B as of 2022 and its ROE is 35.86%. The company operates 22 gaming properties in seven states and is the largest operator of casinos in Louisiana.
Summary
PENN ENTERTAINMENT reported strong earnings results for the second quarter of fiscal year 2023, with total revenue of USD 1674.8 million and net income of USD 78.4 million, representing year-over-year increases of 2.9% and 26.1%, respectively. The company’s stock price reacted favorably to these results, moving up on the same day. Market analysts expect these positive results to continue into the future given PENN ENTERTAINMENT’s solid financial performance, making it a promising investment opportunity for investors looking to capitalize on this positive momentum.
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