International Speedway (ISCA 38.05, +0.50) has climbed 1.3% despite missing earnings expectations.
The race track operator reported below-consensus second quarter earnings of $0.30 per share on a 1.4% year-over-year decline in revenue to $165.30 million, which was just shy of market expectations.
The company's biggest project, ONE DAYTONA, remains on track for a grand opening during the fourth quarter. Parts of the complex are already in operation with Cobb Daytona Luxury Theatres and Bass Pro Shops showing better than expected results. Two hotels are planned for the complex with Fairfield Inn & Suites set to open in the fall while a Marriott Autograph Collection property broke ground on a property that is expected to open in late 2018.
One-time adjustments like a reduction in depreciation expense at the Hollywood Casino, pre-opening costs related to the Phoenix Redevelopment project, and asset retirement losses caused net income to fall to $13.20 million from $21.90 million one year ago while non-GAAP net income edged up to $13.60 million from $13.40 million one year ago.
Looking ahead, the company reaffirmed its guidance for the fiscal year, expecting earnings between $1.50 per share and $1.65 per share. Revenue is expected between $660 million and $670 million while earnings before interest, taxes, depreciation, and amortization are expected between $208 million and $218 million.
Shares of International Speedway are little changed for the year, but with today's pre-market gain, they are poised to return toward this year's high of $40.31 that was recorded in early April.