Penn National Gaming Q3 Profit Down - Quick Facts

(RTTNews) - Penn National Gaming, Inc.(PENN) Thursday reported a decrease in net income for the third quarter, reflecting higher expenses, that offset the increase in revenues.

For the three-month period, the company reported net income of $41.3 million or $0.40 per share, compared with $46.4 million or $0.44 per share last year.

Earnings per share, excluding items not included in guidance provided on July 23 was $0.43 per share.

On average, twenty analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude one-time items.

Adjusted EBITDA for the quarter was $182.07 million, while in the prior year the company reported $168.5 million.

Net revenues increased to $714.4 million, from prior year's $707.04 million. Analysts expected the company to generate revenues of $725.17 million for the quarter.

Total operating expenses were $621.1 million, up from $608.3 million a year earlier.