Churchill Downs Posts Q3 Adjusted EPS of $1.23
CHDN is trading near its 52-week low of $73.085 (12% above the low).
Summary
Churchill Downs reported third-quarter net income of $80 million and EPS of $1.15, with adjusted EPS of $1.23. Revenue for the quarter slightly missed estimates, so the beat/miss picture on the bottom line is not clear from this item alone, which carries no comparison to consensus or prior-year results and no guidance. The company also raised its dividend and authorized a $750 million buyback. Context: the company came off a record Derby week in Q2, when it posted $241 million of net income on $980 million of revenue and cut total debt to $4.8 billion. It also amended its credit agreement in late September, pushing revolver and Term Loan A maturities out to 2031. The Q3 print is the first read on whether the core racing and gaming business held up after that peak quarter.
At the time of this announcement, CHDN was trading at $81.95 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $5.7B. The 52-week trading range was $73.09 to $118.35. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.