Results for: Financials

Churchill Downs (CHDN) reported solid first-quarter 2024 results, surpassing analyst expectations in terms of revenue, EBITDA, and EPS.
The company’s revenue reached $590.9 million, reflecting a 4.4% beat against the estimated $565.9 million. Non-GAAP earnings per share (EPS) came in at $1.13, significantly exceeding the projected $0.83, marking a remarkable 36.8% beat. Strong performance in the racing segment, particularly at the TwinSpires subsidiary, drove these positive results.
Churchill Downs also announced the upcoming opening of The Rose Gaming Resort in September 2024, signaling its continued expansion within the gaming industry. Additional plans for a new site in early 2025 further demonstrate the company’s commitment to growth.
These positive developments, coupled with the completion of the sale of its stake in United Tote Company, have contributed to a positive outlook for the company. The stock has gained 5.2% since the earnings announcement, currently trading at $130 per share.

Institutional ownership witnessed a notable decline in the first quarter of 2024, primarily driven by a sharp fall in Foreign Portfolio Investor (FPI) ownership. FPI significantly reduced their positioning in the Financials sector, marking its lowest level in a decade. On the contrary, Domestic Institutional Investors (DIIs) continued to bolster their positions in the Financials sector, making it the favored sector due to favorable valuations and anticipated growth prospects.

Indian benchmark stock market indices, the S&P Sensex and Nifty50, ended higher on Wednesday, boosted by gains in heavyweight financials and metals stocks.