Churchill Downs Inc. said its fourth-quarter normalized net income amounted to $1.33 per share, compared with the S&P Capital IQ consensus estimate of 45 cents per share.
EPS rose year over year from 51 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.0 million, an increase from $8.8 million in the prior-year period.
The normalized profit margin fell to 4.0% from 5.2% in the year-earlier period.
Total revenue increased 62.0% year over year to $272.4 million from $168.1 million, and total operating expenses rose 59.3% year over year to $237.2 million from $148.9 million.
Reported net income totaled $7.5 million, or 43 cents per share, compared to a loss of $13.8 million, or a loss of 81 cents per share, in the year-earlier period.
For the year, the company's normalized net income totaled $5.91 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $4.68.
EPS rose 56.0% from $3.79 in the prior year.
Normalized net income was $103.8 million, an increase of 55.8% from $66.6 million in the prior year.
Full-year total revenue grew 49.3% year over year to $1.21 billion from $812.2 million, and total operating expenses grew 49.6% year over year to $1.03 billion from $691.7 million.
The company said reported net income rose 40.5% on an annual basis to $65.2 million, or $3.71 per share, in the full year, from $46.4 million, or $2.64 per share.