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Churchill Downs Q2 profit climbs 20.1% YOY

Churchill Downs Inc. said its normalized net income for the second quarter came to $3.88 per share, compared with the S&P Capital IQ consensus estimate of $3.49 per share.

EPS climbed 21.1% year over year from $3.21.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $68.9 million, a gain of 20.1% from $57.3 million in the prior-year period.

The normalized profit margin dropped to 17.5% from 18.9% in the year-earlier period.

Total revenue climbed 34.9% on an annual basis to $409.2 million from $303.5 million, and total operating expenses grew 40.6% on an annual basis to $294.9 million from $209.7 million.

Reported net income declined on an annual basis to $55.0 million, or $3.10 per share, from $57.3 million, or $3.21 per share.