Churchill Downs Misses Street 1Q Forecasts Ahead of Kentucky Derby

LOUISVILLE, Ky. (Associated Press) - Churchill Downs Inc. (CHDN) on Wednesday reported first-quarter profit of $7.3 million.

The Louisville, Kentucky-based company said it had profit of 44 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The racetrack operator and gambling company posted revenue of $279.5 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $282.5 million.

Churchill Downs shares have climbed 14 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $172, an increase of 18 percent in the last 12 months.