Churchill Downs Q2 revenue slightly beats estimates as record-breaking Derby Week drove higher results
CHDN•Overview
- US gaming and racing operator's Q2 revenue rose 5%, a slight beat of analyst expectations
- Adjusted EBITDA and net income hit all-time highs, with net income up 11% yr/yr
- Record Kentucky Derby Week drove higher broadcast, ticketing, sponsorship, and wagering revenues
Key details
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Slight Beat* | $980 mln | $978.16 mln (11 Analysts) |
| Q2 EPS | $3.42 | ||
| Q2 Net Income | $241 mln |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Result drivers
- Derby Week performance - Record Kentucky Derby Week drove increased broadcast, ticketing, sponsorship, and wagering revenues at Churchill Downs Racetrack
- Historical racing venues - Revenue and Adjusted EBITDA rose at Kentucky and Virginia HRM venues, though Central Virginia faced increased competition
- Equity investments - Higher equity income from Rivers Des Plaines in Illinois and Miami Valley Gaming in Ohio contributed to results
