Penn National Gaming Q1 Profit Falls, But Meets View; Lowers 2014 Outlook

(RTTNews) - Penn National Gaming, Inc.'s (PENN) net income for the first quarter was $4.54 million or $0.05 per share, down from $65.27 million or $0.63 per share in the same period last year. The latest quarter's results include rent expense of $104.3 million.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter declined to $641.08 million from $798.25 million in the year-ago quarter. Analysts had a consensus revenue estimate of $651.00 million for the quarter.

Looking ahead to the second quarter, Penn National Gaming forecasts net income of $5.5 million or $0.06 per share, on revenues of $640.5 million. Analysts expect the company to earn $0.15 per share for the quarter on revenues of $673.18 million.

For fiscal 2014, the company now forecasts net income of $10.4 million or $0.12 per share, on revenues of $2.51 billion. Earlier the company forecast net income of $21.9 million or $0.24 per share on revenues of $2.63 billion. Street expects the company to earn $0.26 per share for the year on revenues of $2.64 billion.