International Speedway Corp (NASDAQ:ISCA) on Thursday said fiscal first quarter 2019 net income fell compared with year-ago results, missing views, blaming the drop partly on its acquisition of the assets of Racing Elections and the new federal tax law.
The operator of the Daytona International Speedway expects full-year earnings to be $1.85 to $2.15 per share, with revenue in the range of $685 million to $705 million. Analysts are looking for EPS of $2 on revenue of $696.7 million.
READ: Nascar owner International Speedway races past 3Q revenue and earnings estimates but puts the brakes on guidance.
The Dayton Beach, Florida-based company reported fiscal 1Q earnings per share of $0.50 on net income of $22 million for the three months ended February 28, a significant decline compared with EPS of $3.83 on net income of $169 million during the same quarter in 2018. Analysts, on average, were calling for $0.60 EPS on revenue of $151 million.
The motorsports and entertainment company did report slightly higher revenue compared with last year -- $151 million versus $149 million, respectively. But the company reported a decrease in 1Q operating income, which came in at $26 million, compared with $33 million in the prior period last year.
International Speedway said its January 1 takeover of operations of Racing Electronics, which makes motor-racing communications technology, affected earnings. Also, the company said the Tax Cuts and Jobs Act juiced its EPS in 2018's 1Q with a large, one-time tax benefit.
The company owns and/or operates 13 of the nation’s premier motorsports entertainment facilities, including the Daytona International Speedway.
Shares of International Speedway were down $0.06 to $43.52.
-- Written by Patrick Graham --