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Churchill Downs (CHDN) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates

Zacks Equity Research
·2-min read

For the quarter ended March 2024, Churchill Downs (CHDN) reported revenue of $590.9 million, up 5.6% over the same period last year. EPS came in at $1.13, compared to $0.98 in the year-ago quarter.

The reported revenue represents a surprise of +5.72% over the Zacks Consensus Estimate of $558.94 million. With the consensus EPS estimate being $0.78, the EPS surprise was +44.87%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

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Here is how Churchill Downs performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Revenue- Gaming: $239.20 million versus $235.20 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -4.3% change.

  • Revenue- TwinSpires: $106.60 million compared to the $101.80 million average estimate based on three analysts. The reported number represents a change of +12.5% year over year.

  • Revenue- Live and Historical Racing: $245.10 million versus $221.77 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +14.3% change.

  • Adjusted EBITDA- All Other: -$20.70 million compared to the -$19.40 million average estimate based on three analysts.

  • Adjusted EBITDA- Gaming: $122.80 million versus the three-analyst average estimate of $112.80 million.

  • Adjusted EBITDA- TwinSpires: $39.60 million versus $35.83 million estimated by three analysts on average.

  • Adjusted EBITDA- Live and Historical Racing: $100.80 million versus the three-analyst average estimate of $85.43 million.

View all Key Company Metrics for Churchill Downs here>>>

Shares of Churchill Downs have returned +2.3% over the past month versus the Zacks S&P 500 composite's -3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Zacks Investment Research