Churchill Downs 3Q Profit Rises on Growth in Racing, Gaming

Dow Jones10-29

Churchill Downs reported higher profit and sales in its latest quarter on growth in its racing and gaming businesses.

The Louisville, Ky. company also said Wednesday its board approved a $750 million share repurchase program. The new buyback includes the $306 million that remained under its prior repurchase plan.

Third-quarter profit came in at $80 million, or $1.15 a share, compared with $38 million, or 54 cents a share, a year earlier.

Adjusted earnings per share were $1.23, compared with analyst estimates of $1.13, according to FactSet.

Revenue rose 2% to $696 million, compared with analyst estimates of $695.2 million.

The increase was driven by growth in the company's live and historical racing division as well as its gaming business, which offset a slight decline in its wagering services and solutions unit.

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