International Speedway Corp. (NASDAQ:ISCA) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
International Speedway Corp. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 10.81% to $0.33 in the quarter versus EPS of $0.37 in the year-earlier quarter.
Revenue: Rose 0.94% to $128.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: International Speedway Corp. reported adjusted EPS income of $0.33 per share. By that measure, the company missed the mean analyst estimate of $0.36. It beat the average revenue estimate of $126.5 million.
Quoting Management: “The solid financial performance in the first quarter demonstrates the continued strength of not only our business but also the motorsports industry,” stated ISC Chief Executive Officer Lesa France Kennedy. “Our first quarter results, which saw year-over-year growth in total revenues, benefited from a successful Budweiser Speedweeks at Daytona, highlighted by increased corporate sponsorship, hospitality and ancillary rights revenues. ‘The Great American Race’, with over 31 million people watching a portion of the race, was the highest-rated Daytona 500 since 2008.”
Key Stats (on next page)…
Revenue decreased 32.12% from $189.45 million in the previous quarter. EPS decreased 45.9% from $0.61 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.58 to a profit $0.50. For the current year, the average estimate has moved down from a profit of $1.65 to a profit of $1.46 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)