International Speedway Beats Q1 Expectations, Shares Rise
Shares of International Speedway Corp. (NASDAQ: ISCA) rose over 2% in pre-market trading after the company reported stronger-than-expected results for the first quarter.
The Daytona Beach, Florida-based company posted a quarterly profit of $15 million, or $0.32 per share, versus a year-ago profit of $19.9 million, or $0.43 per share. Excluding certain items, the company's profit rose to $0.36 per share from $0.33 per share.
Its total revenue climbed 3.6% to $136.6 million. However, analysts were projecting a profit of $0.29 per share on revenue of $128 million.
Its revenue from food, beverages and merchandise gained 12% to $14.7 million, while revenue from admissions jumped 1.6% to $30.5 million.
Motorsports-related revenue gained 2.6% to $87.4 million in the quarter.
Operating income slipped to $21.6 million from $22.3 million.
"We are pleased to report first quarter results exceeding our expectations, delivering growth in all revenue categories and non-GAAP earnings per share," stated ISC Chief Executive Officer Lesa France Kennedy.
France Kennedy added, "The 2015 season is off to a great start and we are hopeful that, with continuing improvement in consumer sentiment and great competition on track, we will continue to build on the momentum generated during the 2014 Chase and Speedweeks."
International Speedway affirmed outlook for the full year.
The average estimate among 4 Estimize users was for earnings of $0.30 per share and revenue of $128.46 million.
International Speedway shares rose 2.90% to $34.83 in pre-market trading.
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