International Speedway (ISCA) Tops Q3 EPS by 5c

International Speedway (NASDAQ: ISCA) reported Q3 EPS of ($0.01), $0.05 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $125.5 million versus the consensus estimate of $121.07 million.

"Financial results again exceeded our expectations in the third quarter" stated ISC Chief Executive Officer Lesa France Kennedy. "Solid NASCAR events in August at Michigan International Speedway and Watkins Glen, growth in earnings from our investment in the Hollywood Casino at Kansas Speedway and revenue from the Faster Horses and Phish Magnaball music festivals more than offset the construction related reduction in seating capacity for the Coke Zero 400 and the impact of inclement weather at a number of our events early in the period."

"The Chase for the Sprint Cup Championship is at full throttle with the line-up for the Contender Round set" continued France Kennedy. "As we had hoped, the excitement generated by the Chase is driving such strong consumer and corporate demand for our fourth quarter NASCAR events that we are increasing our earnings guidance for the year."

"The reimagining of our iconic Daytona facility, DAYTONA Rising, is racing towards the checkered flag with a full grand opening of this historic project scheduled for the Rolex 24 Hours at Daytona and Speedweeks 2016. On the corporate front, last month ISC and Sunoco announced a multi-year partnership that will make Sunoco the fourth Founding Partner for DAYTONA Rising, including naming rights for one of the five fan injectors."

France Kennedy concluded, "The stabilization and growth we are seeing in our core business demonstrates the success we can achieve by sticking with our capacity management and guest experience initiatives. We can also grow our business through non-motorsports strategies such as our Hollywood Casino investment and hosting other major spectator events at our facilities. These positive trends complement our industry's long-term broadcast agreements that, along with a solid balance sheet, position us over the long-term to build shareholder value."

For earnings history and earnings-related data on International Speedway (ISCA) click here.

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