Penn National Rises Most in Six Weeks on Profit Jump

Penn National Gaming Inc. (PENN) gained the most in six weeks after the operator of casinos reported first-quarter profit and revenue that topped analysts’ estimates, helped by a mild winter on the East Coast.

The shares advanced 2.9 percent to $44.54 at the close in New York, the biggest rise since March 7. They have advanced 17 percent this year.

Temperatures above the season’s average in the East and a rebound in consumer spending drove earnings growth. Profit excluding certain items rose to 73 cents a share, Wyomissing, Pennsylvania-based Penn National said, topping the 60 cent average of estimates compiled by Bloomberg.

Net income increased 53 percent to $78.6 million, or 74 cents a share, from $51.5 million, or 48 cents, a year earlier, the company said in a statement today. Revenue rose 10 percent to $736.1 million. Analysts had predicted sales of $705.5 million.

Penn National forecast earnings of 64 cents a share for the second quarter. Analysts estimate 62 cents on average.

To contact the reporter on this story: Niamh Ring in New York at

To contact the editor responsible for this story: Kevin Miller at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.