Twin River Worldwide Holdings, Inc (TRWH) Tops Q3 EPS by 14c, Revenues Beat

Twin River Worldwide Holdings, Inc (NYSE: TRWH) reported Q3 EPS of $0.32, $0.14 better than the analyst estimate of $0.18. Revenue for the quarter came in at $116.62 million versus the consensus estimate of $107.56 million.

Third Quarter 2020 and Recent Highlights

• Strong operating and Adjusted EBITDA margins continue trend of operational efficiencies since re-opening
• Income from operations of $23.4 million, increased $1.9 million or 9.0%, while net income of $6.7 million was slightly down, compared to third quarter 2019
• Adjusted EBITDA of $38.0 million for the quarter is up $2.4 million, or 6.8%, from same period in 2019
• Continued execution on growth and diversification strategy with recently announced acquisitions
• Closed $125 million offering of unsecured senior notes to enhance liquidity and support strategic growth opportunities

George Papanier, President and Chief Executive Officer, said, "We are pleased that in the midst of this unprecedented operating environment, we continue to achieve positive financial results. Our significant margin expansion and early returns from our acquired properties in Kansas City and Vicksburg drove an increase in Adjusted EBITDA year-over-year, even amid continued limited capacity. These results are a testament not only to our dedicated management team and valued employees, but also to our proven business model. I am very proud of how hard the teams at the property level are working to keep our customers and team members safe during this challenging environment."

Papanier continued, "In addition to our strong financial performance this quarter, we continued to execute on our disciplined and diversified portfolio strategy. Including those properties under contract we are now positioned to operate in ten states. Additionally, we acquired the iconic Bally's brand, under which we will unite the high-quality customer offerings that span our increasingly national footprint, leveraging a brand synonymous with first-class gaming and entertainment. As the first step in this rebranding initiative, we recently announced that Twin River will change its name to Bally's Corporation, effective November 9, 2020."

For earnings history and earnings-related data on Twin River Worldwide Holdings, Inc (TRWH) click here.

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