The company reported earnings of $1.15 per share, a significant jump from the 54 cents recorded during the same period last year. On an adjusted basis, earnings reached $1.23 per share, comfortably outpacing the $1.13 consensus estimate from analysts surveyed by FactSet. Revenue climbed to $696 million, edging past projections of $695.2 million.
In section Market Quotes
Churchill Downs Profit Surges on Racing and Gaming Gains
Churchill Downs saw its third-quarter profit more than double to $80 million, fueled by robust performances in its live racing and gaming divisions. The Louisville-based operator beat Wall Street expectations for both earnings and revenue, prompting the company to announce a fresh $750 million share repurchase program.
Growth in historical and live racing sectors provided the primary momentum for these results, effectively balancing out a minor contraction within the wagering services unit. The newly authorized $750 million buyback plan incorporates the $306 million balance from the previous repurchase scheme, signaling continued confidence in the firm’s capital allocation strategy.
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