6C - The Ridgway Record – The Daily Press, – The Kane Republican, Friday, July 24, 2015


Penn National Gaming beats 2nd quarter profit forecasts


WYOMISSING (AP) — Penn National Gaming Inc. on Thursday reported second-quarter profit of $16.9 million. The Wyomissing, Penn- sylvania-based company said it had profit of 19 cents per share, topping financial analysts' expec- tations. The average esti- mate of eight analysts sur- veyed by Zacks Investment


FGM ROM PAGE 5C


search. Among the special items were $720 million for currency devaluation and asset write-downs in Venezuela and $75 million to compensate ignition switch crash victims. Faulty ignition switch- es that can unexpectedly shut off engines in older GM small cars are re- sponsible for at least 124 deaths and 269 injuries, according to a fund set up by the company to com- pensate victims.


GM's sales in China fell 1 percent during the quar- ter as the market slowed, and its sales increase of 1.9 percent in the U.S. trailed the industry's overall gain. But the com- pany said its sales were highly profitable,


with SUVs and pickup trucks FCHANGES ROM PAGE 2C


"That gets noticed by customers," he said. Another sales driver in the longer-term could be making popular breakfast items like the Egg Mc- Muffin available all day. The idea is being tested in San Diego, and Easter- brook said the company is looking at how to simplify other parts of restaurant operations to ensure the offering would work more broadly.


McDonald's, which has more than 36,000 loca- tions around the world, is


trying to regain its foot- ing after seeing its profit sink 15 percent last year. In the U.S., the com- pany is up against chang- ing eating habits and in- tense competition. Last week, Yum Brands said Taco Bell sales at estab- lished locations rose 6 percent for the quarter. The same figure rose 4.3 percent at burrito chain Chipotle and 2.9 percent at Dunkin' Donuts. McDonald's has admit- ted it created some of its own problems, such as


letting its menu get too complicated. That affect- ed wait times and order accuracy.


For the second quar-


ter, the company earned $1.2 billion, or $1.26 per share. Analysts on aver- age expected $1.23 per share, according to Zacks Investment Research. A year ago, the compa- ny earned $1.39 billion, or $1.40 per share. Total revenue was $6.5 billion, ahead of the $6.45 billion Wall Street expect- ed.


bringing in more dollars per vehicle. Kelley Blue Book estimated GM's av- erage U.S. selling price at $37,025 for the quarter, up 3.3 percent from a year ago.


In China, GM intro- duced two new SUVs dur- ing the quarter, helping to boost sales, Stevens said. "Our SUV sales across the business are up more than 80 percent," he said. The company also cut costs and became more efficient in China, where it will continue to invest in new products despite slowing growth, he said. So far this year, GM has spent $2.1 billion buy- ing back shares and has spent $1.1 billion on divi- dends.


Under pressure from activist investors,


GM agreed to repurchase $5 billion of shares by the end of 2016.


Overall, the company reported a 7.5 percent profit margin, the per- centage of revenue it gets to keep. It expects to reach a 9- to 10-percent profit margin by early next de- cade. The automaker posted revenue of $38.18 billion in the quarter, missing Street forecasts. Four an- alysts surveyed by Zacks expected $40.11 billion. GM shares rose $2.25


to $32.55 in trading early Thursday.


They have fallen 7 per- cent since the beginning of the year, while the Standard & Poor's 500 in- dex has climbed roughly 3 percent.


Research was for earnings of 13 cents per share. The casino operator posted revenue of $701 million in the period, which also beat forecasts. Six analysts surveyed by Zacks expected $678 mil- lion.


For the current quarter ending in September, Penn National Gaming said it expects revenue in the


range of $728.2 million. The company expects full-year earnings will come out to 58 cents per share, with revenue ex- pected to be $2.79 billion. Shares in Penn National Gaming have climbed 40 percent since the begin- ning of the year and 58 percent over the last 12 months, much higher than the broader market.


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