Churchill Downs (NASDAQ:CHDN) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• Churchill Downs beat quarterly earnings expectations, reporting $1.23 in EPS versus the $1.13 consensus estimate. Revenue totaled $696.0 million, slightly above analysts’ $695.16 million forecast.
• The stock rose to $81.95 in Wednesday trading, but remains well below its 52-week high of $118.35. The company reported a 13.82% net margin and 42.16% return on equity.
• Analysts remain broadly positive, with 10 Buy ratings and one Hold rating, producing a consensus “Moderate Buy” recommendation and a $129.22 average price target.

Churchill Downs (NASDAQ:CHDN - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $1.23 earnings per share for the quarter, beating analysts' consensus estimates of $1.13 by $0.10, FiscalAI reports. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The company had revenue of $696.00 million for the quarter, compared to the consensus estimate of $695.16 million.

Churchill Downs Stock Performance

Shares of Churchill Downs stock traded up $0.43 during trading on Wednesday, hitting $81.95. 1,135,147 shares of the company's stock were exchanged, compared to its average volume of 1,005,043. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.88 and a beta of 0.77. Churchill Downs has a 52-week low of $73.08 and a 52-week high of $118.35. The business has a 50-day simple moving average of $83.02 and a 200-day simple moving average of $88.57. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36.

Analyst Upgrades and Downgrades

A number of research firms have commented on CHDN. Stifel Nicolaus set a $132.00 price target on Churchill Downs and gave the company a "buy" rating in a report on Tuesday. Mizuho raised their price target on Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Jefferies Financial Group reaffirmed a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Citizens Jmp decreased their price target on shares of Churchill Downs from $137.00 to $131.00 and set a "market outperform" rating for the company in a research note on Tuesday, October 13th. Finally, Weiss Ratings upgraded Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 2nd. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Churchill Downs presently has an average rating of "Moderate Buy" and a consensus price target of $129.22.

Churchill Downs Company Profile

Churchill Downs Incorporated NASDAQ: CHDN is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.

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