WASHINGTON (dpa-AFX) - Penn National Gaming, Inc. (PENN) Thursday announced first quarter net profit attributable to the shareholders of $78.6 million or $0.74 per share, sharply higher than net income of $51.5 million, or $0.48 per diluted share, reported for the corresponding first quarter last year.
On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.60 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenue for the quarter increased to $736.10 million from $667.0 million reported for the corresponding quarter last year. Wall Street was expecting revenue of $702.30 million for the quarter.
Peter Carlino, chairman and chief executive officer of Penn National Gaming said, ' 'Our first quarter revenue, adjusted EBITDA , net income and diluted EPS significantly exceeded guidance primarily due to the robust growth of the East/West segment relative to our projections, which we believe was attributable to a combination of the mild East Coast winter, healthier consumer spending, and excellent operating performance by our property teams.'
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