International Speedway (ISCA 47.30, +1.95, +4.30%) climbed 6.5%
in pre-market after reporting better than expected quarterly results.
The racetrack operator reported above-consensus second quarter earnings of $0.37/share on a 3.9% year/year increase in revenue to $171.68 mln, which was also ahead of expectations.
The company noted that the development of the ISM Raceway in Phoenix and the Richmond Raceway in Richmond remain on track for completion in the fourth quarter of 2018. Meanwhile, the ONE DAYTONA complex in Daytona Beach has begun operating, but additional tenant openings will be taking place in the near future.
Through the first six months of the fiscal year, the company spent $65 mln on capital expenditures related to the ISM Raceway and ONE DAYTONA, up 60.1% from $40.6 mln spent through the first six months of 2017. The company expects that capital expenditures for existing facilities for the full year will be between $120 mln and $130 mln while another $20 mln is planned for the construction of ONE DAYTONA.
The company reaffirmed its guidance for the fiscal year, expecting earnings between $1.90/share and $2.10/share on revenue between $680.0 mln and $695.0 mln.
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