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Churchill Downs beats 4Q profit forecasts

LOUISVILLE, Ky. (AP) _ Churchill Downs Inc. (CHDN) on Tuesday reported fourth-quarter profit of $26.8 million.

The Louisville, Kentucky-based company said it had profit of $1.60 per share. Earnings, adjusted for non-recurring gains, were 68 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.

The racetrack operator and gambling company posted revenue of $278.3 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $283.3 million.

For the year, the company reported profit of $108.1 million, or $6.42 per share. Revenue was reported as $1.31 billion.

Churchill Downs shares have decreased slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $150.30, an increase of 11 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CHDN at https://www.zacks.com/ap/CHDN

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Keywords: Churchill Downs, Earnings Report