Racetrack operator International Speedway Corp. (ISCA) is slated to unveil operating results for the first quarter of 2019 Thursday before the opening bell. Market watchers expect revenues to move up 1.4% year-over-year to $151 million. Meanwhile, earnings are forecast to remain unchanged at $0.60 per share.
While the bottom-line missed the forecast in the fourth quarter, they managed to meet the market’s expectations in the preceding two quarters. Since the overall performance is estimated to have improved in the to-be-reported quarter, a beat cannot be ruled out.
The Daytona Beach, Florida-based company continues to benefit from its long-term broadcast partnerships, and also from the revised income tax rates in terms of profitability. It is expected that the recent investments in racetracks will pay off in the upcoming quarters, especially the ISM Raceway where a number of major events are conducted.
The company continues to benefit from its long-term broadcast partnerships, and also from revised income tax rates in terms of profitability
In the November quarter, the motorsport promoter recorded a 14% decline in the top-line to $226 million, with revenues from the core business slipping about 12%. Consequently, fourth-quarter earnings fell sharply to $0.62 per share from $1.72 per share in the year-ago period, missing the estimates.
Earlier this month, rival racetrack operator Speedway Motorsports (TRK) reported a 27% plunge in fourth-quarter revenues to $56.36 million, hurt by muted performance by all the business segments. The company slipped to a loss of $0.30 per share, compared to earnings of $2.77 per share in the year-ago period.
Related: International Speedway Q4 2018 Earnings Conference Call Transcript
The consensus rating from analysts covering International Speedway’s stock is hold, with a price target of $46. The shares gained about 23% after falling to a one-year low by the end of the fourth quarter. They advanced 10% in the past twelve months but mostly underperformed the market during that period.
Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips
Most Popular
AAPL Earnings: Apple’s Q2 sales and profit beat estimates; iPhone sales down 10%
Apple Inc. (NASDAQ: AAPL) on Thursday reported better-than-expected profit and revenue for the second quarter of 2024. There was a 10% decrease in iPhone sales. The gadget giant reported revenues
Shopify (SHOP) is all set to report Q1 2024 results. Here’s what to expect
Over the years, Shopify Inc. (NYSE: SHOP) has steadily expanded its footprint in the online retail market through constant innovation, like the recent launch of a mobile POS device for
eBay (EBAY): A look at how the ecommerce company fared in Q1 2024
Shares of eBay Inc. (NASDAQ: EBAY) were down over 2% on Thursday. The company reported its earnings results for the first quarter of 2024 a day ago, with revenue and
