Post Earnings Coverage as International Speedway Beats Market Expectation

LONDON, UK / ACCESSWIRE / July 6, 2016 / Active Wall St. announces its post-earnings coverage on International Speedway Corp. (NASDAQ: ISCA). The company announced its Q2 FY 2016 financial results on Tuesday, 05 July, 2016. The racetrack operator beat top- and bottom-line expectations on rising motorsports’ income. However, the company’s profit declined on y-o-y basis as the admissions revenue fell. Register with us now for your free membership at:

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International Speedway operates 13 major motor sports-entertainment facilities in the U.S., including the Daytona International Speedway in Florida, home of the Daytona 500. The company also runs independent sports radio network Motor Racing Network.

Earnings Reviewed

For the three months ended May 31, 2016, International Speedway reported earnings of $21.9 million, or $0.47 per share, as compared with $13.4 million, or $0.29 per share, in the year ago period, topping analysts’ consensus estimate of $0.32 per share. Excluding one-time items, such as the sale of its Staten Island property during the period, earnings declined to $0.29 per share from $0.35 per share in the year ago period. The company reported a y-o-y increase of 2.2% in revenue to $167.6 million as compared to analysts’ estimates of $163 million.

For Q2 FY16, revenue from motor sports, the biggest contributor to the company’s top-line grew 5.1% to $121 million as compared to the year ago period. Admissions revenue tumbled 8.4% to $30.5 million in Q2 FY16, while food, beverage and merchandise sales dropped to 11% to $10.3 million.

Outlook

International Speedway also narrowed its prior outlook. For Fiscal 2016, the company now expects total revenue in a range of $658 million to $665 million compared with a prior guidance of $660 million to $670 million and earnings of $1.45 to $1.55 per share compared with an earlier range of $1.45 to $1.60 per share. Analysts’ expected earnings of $1.55 per share and revenue of $666 million.

Dividend

The Daytona Beach, Florida-based company also recently disclosed an annual dividend of $0.41 per share, which was paid on Thursday, June 30, 2016 to shareholders of record on Tuesday, May 31, 2016. The ex-dividend date was Thursday, May 26th, 2016. Dividend has increased sharply from the company’s previous annual dividend of $0.26.

Stock Performance

International Speedway stock declined 5.79% to close at $32.24 on Tuesday, July 05, 2016, post the company’s earnings release. The firm’s stock price is trending 2.45% and 4.30% below its 50-day and 200-day moving average, respectively. The stock is trading at trailing twelve month P/E ratio of 24.4. Speedway’s shares have declined 3.19% since the beginning of the year.

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