Penn Entertainment Inc. (PENN) shares received a boost on Tuesday following the company’s announcement of new guidance for its retail operations. This positive news came after Penn Entertainment hosted an investor event in Las Vegas on Monday, where they discussed their business strategy, operations, and other key developments.
In a regulatory filing related to the event, Penn updated its guidance, revealing that they expect adjusted EBITDAR for their retail operations in the third quarter to fall within the range of $465 million to $475 million. Furthermore, the company also revised its interactive adjusted EBITDA guidance for the third quarter upwards. Penn now anticipates a loss of $90 million to $100 million, a significant improvement from their previous forecast of a loss between $115 million and $135 million. The company attributed this positive shift to enhanced product offerings and reduced promotional expenses.
Penn Entertainment has scheduled the release of its third-quarter financial results for before the market opens on November 7th. According to estimates from Benzinga Pro, analysts are predicting a quarterly loss of 26 cents per share and revenue of $1.684 billion.
Following the release of the updated guidance, Needham analyst Bernie McTernan reiterated his Buy rating on Penn Entertainment and maintained a price target of $26.
Penn Entertainment shares were trading up 0.70% at $18.70 at the time of publication, according to Benzinga Pro.
