Churchill Downs Incorporated announced its third quarter 2024 financial results, reporting net income attributable to CDI of $65.4 million, an increase from $61.0 million in the prior year quarter. The company's revenue for the quarter rose by 9.8% year-over-year to $628.5 million, aligning with Wall Street expectations. However, adjusted earnings per share (EPS) of $0.97 fell 7.9% below analysts' consensus estimates.
The Live and Historical Racing segment was a primary growth driver, with revenue increasing by $26.9 million and Adjusted EBITDA by $12.1 million, largely due to growth at Virginia properties and the opening of Rosie's Emporia. The Gaming segment saw a $25.4 million revenue increase and a $1.0 million rise in Adjusted EBITDA, primarily from the Terre Haute Casino Resort opening in April 2024. The TwinSpires segment, now named Wagering Services and Solutions, reported a $6.3 million revenue increase and an $8.6 million Adjusted EBITDA increase, driven by the Exacta business.
In a move to return capital to shareholders, Churchill Downs repurchased 67,139 shares of its common stock at a cost of approximately $9.0 million during the third quarter. The Board of Directors also approved a 7% increase in the annual cash dividend to $0.409 per outstanding share, marking the fourteenth consecutive year of dividend growth. Approximately $170.9 million of repurchase authority remained as of September 30, 2024.
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