International Speedway (ISCA 37.59, +0.94) has climbed 2.6% after beating quarterly expectations and reaffirming its guidance for the fiscal year.
The racetrack operator reported above-consensus third quarter earnings of $0.06 per share on a 2.2% year-over-year increase in revenue to $131.90 million, which also exceeded expectations.
The company's ONE DAYTONA complex is nearing completion with Fairfield Inn and Suites and several first-to-market tenants planning to open before the end of 2017. The company expects that a second hotel—The DAYTONA—which will be a Marriott Autograph Collection property will open in 2018. Additional tenant announcements are also expected next year.
The company is also finishing work on the Phoenix Raceway Project. ISM Connect recently received a multi-year agreement to naming rights for the raceway. Components of the project are expected to be in service next month. The venue will cater to fans by leveraging technology and data capabilities to provide a more engaging experience. The Phoenix Raceway will host NASCAR and Verizon IndyCar Series in 2018.
Looking ahead, International Speedway continues expecting that earnings for the full year will be between $1.50 and $1.65 per share on revenue between $660.00 million and $670.00 million. Capital expenditures are expected between $150.00 million and $175.00 million, including expenses associated with existing facilities, the Phoenix Raceway Project, and ONE DAYTONA.