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Penn National Gaming reports earnings
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LAS VEGAS REVIEW-JOURNAL
Penn National Gaming Inc., owner of the M Resort in Las Vegas, earned $44 million, or 41 cents per share, in the fourth quarter, compared with a loss of $153.1 million, or $1.97 per share, last year, the company announced Thursday.
On average, 14 analysts polled by Yahoo Finance expected earnings of 49 cents per share for the quarter.
Revenue for the quarter rose 7.2 percent to $675.5 million from $630.2 million a year ago. Wall Street expected revenue of $677.7 million for the quarter.
"Although widespread economic concerns and volatility in capital markets prevailed throughout the quarter and full year, consumer spending at our facilities remained relatively stable," Penn National Chairman and CEO Peter Carlino said.
By enhancing operating efficiencies, Carlino said, the company "generated higher quality, more profitable revenue" leading to Penn National's fourth consecutive quarter of "margin improvements as compared to the prior year."
For the full year, Penn National reported net income of $242.4 million, or $2.26 per share, compared with a loss of $59.5 million, or 76 cents a share, in 2010.
Net revenues for 2011 were $2.7 billion, up from $2.4 billion a year earlier.
Penn National also bought back 2.25 million shares of its common stock in the fourth quarter at a cost of $78.2 million, or an average of $35.12 per share.
Carlino said the company was "well-positioned to pursue and participate in other domestic and international emerging gaming opportunities."
Looking ahead to the first quarter, the company expects net income of $59.5 million, or 56 cents per share. Net revenue for the quarter ending March 31 is expected to be $682.8 million.
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