International Speedway Corp. (ISCA) reported first quarter 2019 financial results, which failed to meet the expectations of the Street. The racetrack operator’s earnings stood at $0.57 per share on revenue of $150.6 million for the quarter ended February 28, 2019.
Market watchers expected the company’s earnings to remain unchanged at $0.60 per share as in the prior year and revenues to move up 1.4% year-over-year to $151 million. ISCA stock is down about 1% in the pre-market trading.
The Daytona Beach, Florida-based company reaffirmed its guidance for fiscal year 2019. International Speedway expects non-GAAP EPS to be in the range of $1.85 to $2.15 and revenue to be in the range of $685 million to $705 million.
“Financial results for the first quarter are in line with our 2019 outlook,” stated Lesa France Kennedy, CEO.
In Q1, ISC recognized approximately $2.8 million, or $0.05 per share, of costs incurred associated with the pending non-binding proposal by NASCAR Holdings to acquire the outstanding shares of Class A and Class B common stock that are not owned by the controlling shareholders of NASCAR.
Last 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.
Shares of ISCA have dropped about 1% since the beginning of 2019 and gained 4% in the past 12 months.
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