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.
Check out International Speedway’s (ISCA) previous quarters’ earnings transcripts here
“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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