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Churchill Downs (CHDN) Q1 Earnings Report Preview: What To Look For

Published 04/23/2024, 03:01 AM
Updated 04/23/2024, 07:02 AM
Churchill Downs (CHDN) Q1 Earnings Report Preview: What To Look For

Racing, gaming, and entertainment company Churchill Downs (NASDAQ:CHDN) will be reporting earnings tomorrow after market close. Here's what you need to know.

Last quarter Churchill Downs reported revenues of $561.2 million, up 16.9% year on year, beating analyst revenue expectations by 1.5%. It was a decent quarter for the company, with a beat of analysts' earnings and revenue estimates.

Is Churchill Downs buy or sell heading into the earnings? Find out by reading the original article on StockStory.

This quarter analysts are expecting Churchill Downs's revenue to grow 1% year on year to $564.8 million, slowing down from the 53.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.83 per share.

The company missed Wall St's revenue estimates three times over the last two years.

Looking at Churchill Downs's peers in the consumer discretionary segment, some of them have already reported Q1 earnings results, giving us a hint what we can expect. Nike (NYSE:NKE) delivered top-line growth of 0.3% year on year, beating analyst estimates by 1.1% and Carnival (NYSE:CCL) reported revenues up 22% year on year, inline with analysts' estimates. Nike traded down 7% on the results, Carnival was down 4.1%.

Read the full analysis of Nike's and Carnival's results on StockStory.

The fears around raising interest rates have been putting pressure on tech stocks and while some of the consumer discretionary stocks have fared somewhat better, they have not been spared, with share price declining 5.4% over the last month. Churchill Downs is up 2.6% during the same time, and is heading into the earnings with analyst price target of $144.2, compared to share price of $120.7.

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