International Speedway's stock soars after profit and sales beat expectations
Shares of International Speedway Corp. (ISCA) ran up 9.3% in light premarket trade Thursday, after the owner and operator of the Daytona 500's Dayton International Speedway, reported fiscal third-quarter profit and sales that beat expectations. Net income for the quarter to Aug. 31 fell to $265,000, or a penny a share, from $2.2 million, or 5 cents a share, in the same period a year ago. Excluding a host of non-recurring items, such as a legal settlement, the accelerate depreciation of assets and losses related to the retirement of assets, adjusted earnings per share came to 6 cents, above the FactSet consensus of 3 cents. Revenue rose 2.2% to $131.9 million, beating the FactSet consensus of $128.2 million, as declines in admissions and other revenue were offset by increases in revenue for motorsports and other events and food, beverage and merchandise. The company affirmed its previous fiscal 2017 guidance for revenue of $660 million to $670 million and for adjusted EPS of $1.50 to $1.65. The stock has slipped 0.4% year to date through Wednesday, while the S&P 500 has gained 13.4%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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