Gaming entertainment, online wagering and racing company Churchill Downs CHDN reported first-quarter financial results after the market close Wednesday. Here are the key highlights.
What Happened: Churchill Downs reported first-quarter revenue of $559.5 million, up from last year’s $364.1 million in the same time period. The revenue beat a Street consensus estimate of $536.6 million, according to data from Benzinga Pro.
The company reported first-quarter earnings per share of $1.96, which beat a Street estimate of $1.79.
Revenue by segment in the first quarter was:
- Live and Historical Racing: $215.8 million
- TwinSpires: $96.3 million
- Gaming: $251.6 million
The Live and Historical Racing saw an increase in revenue thanks to additional racetracks. The Twinspires segment saw a decrease in revenue from the exit of the online sports and casino business in the first quarter of 2022. Gaming revenue was up over 100% year-over-year thanks to the inclusion of New York and Iowa properties that were acquired.
The company reported record adjusted EBITDA of $222.9 million in the first quarter, with all three reporting segments posting record first-quarter adjusted EBITDA.
Churchill Downs closed the sale of its Arlington Heights property to the Chicago Bears for $197.2 million in February 2023.
Related Link: Penn Entertainment Analyst Downgrades Barstool Sports Owner, Names 2 Gaming Stocks To Buy
What’s Next: Churchill Downs announced a two-for-one stock split on April 25. The split is expected to occur on May 22, 2023, with a record date of May 5, 2023 for shareholders.
The company will host its first-quarter conference call to discuss earnings on at 9 a.m. ET Thursday.
The Kentucky Derby at the company’s flagship Churchill Downs racetrack will take place May 6.
CHDN Price Action: Churchill Downs shares are down 2% to $247.65 in after-hours trading Wednesday.
Read Next: Analyst Ratings For Churchill Downs
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