WYOMISSING, Pa. (AP) -- Penn National Gaming Inc. said Thursday that it moved to a profit in its fourth quarter, and its revenue rose, but it issued first-quarter and full-year earnings outlooks below Wall Street's expectations and its shares dropped.
Shares of the Wyomissing, Pa. casino operator fell $2.08, or 5 percent, to $39.38 by early afternoon. They have traded between $31.68 and $44.29 the past year.
Penn National earned $44 million, or 41 cents per share, for the three months that ended Dec. 31. That compares with a loss of $153.1 million, or $1.97 per share, a year earlier, when it recorded a $193.2 million impairment charge primarily related to a drop in value of its casinos in Aurora and Joliet, Ill., where the company faces ongoing challenges as well as new competition.
Excluding one-time items from the most recent quarter's profit, Penn National's earnings amounted to 48 cents per share. Analysts polled by FactSet expected 49 cents per share.
Revenue rose 7 percent to $676.5 million, thanks to strong performances by properties in West Virginia, Maryland and other related areas. The company said Thursday that consumer spending was relatively stable at its properties during the quarter and for the full year.
Wall Street predicted revenue of $676.1 million.
For the year, Penn National earned $242.4 million, or $2.26 per share. In the prior year it lost $59.5 million, or 76 cents per share.
Full-year revenue increased 11 percent to $2.74 billion from $2.46 billion.
Penn National anticipates first-quarter earnings of 56 cents per share on revenue of $682.8 million. It foresees full-year earnings of $2.22 per share on revenue of $2.79 billion.
Analysts expect first-quarter earnings of 57 cents per share on revenue of $707.4 million and 2012 earnings of $2.25 per share on revenue of $2.94 billion.
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