PENN Entertainment Q2 net income $26.1M, down 87%; reiterates FY guidance; name change

PENN Entertainment, Inc.

2022-Q2 EPS reported $0.45 revenue$3,191,100,000

Q2 revenues $1.63B (+5.2% YoY); net income $26.1M ($0.15 diluted EPS) vs $198.7M ($1.17) in prior year, down 87%.
Adjusted EBITDAR $504.5M, down 14% YoY; margins declined 694bps to 31.0%.
Repurchased $167M of common stock at avg $30.16 per share under $750M authorization; remaining $313.1M.
Reiterates FY2022 revenue guidance $6.15B-$6.55B and Adj EBITDAR guidance $1.875B-$2.0B.
Changed name from Penn National Gaming to PENN Entertainment, Inc. effective August 4, 2022.

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