Speedway Motorsports, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018
August 01, 2018 at 06:30 am EDT
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Speedway Motorsports, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenues of $165,848,000 against $170,011,000 a year ago. Income before income taxes was $40,944,000 against $42,524,000 a year ago. Net income was $31,883,000 or $0.78 per share basic and diluted against $27,306,000 or $0.67 per share basic and diluted a year ago. Non-GAAP net income was $30,773,000 or $0.75 per diluted share against $28,004,000 or $0.68 per diluted share a year ago.
For the six months, the company reported total revenues of $240,212,000 against $246,455,000 a year ago. Income before income taxes was $37,139,000 against $38,518,000 a year ago. Net income was $29,169,000 or $0.71 per share basic and diluted against $25,371,000 or $0.62 per share basic and diluted a year ago. Non-GAAP net income was $28,059,000 or $0.68 per diluted share against $28,966,000 or $0.71 per diluted share a year ago. Capital expenditures for 6 months ended June 30, 2018, were $19.1 million.
For the year 2018, the company reaffirmed that second quarter 2018 results are consistent with its previous full year 2018 non-GAAP earnings guidance of $1.00-$1.20 per diluted share, excluding non-recurring and other special items. The range of earnings guidance reflects the lingering effects of uncertain economic conditions, among other factors. Inclement weather, potential higher fuel, health-care and food costs and continuing underemployment could significantly impact future results. And this year, the company estimates that the capital expenditures will probably approximate $25 million to $35 million for the full year.
Speedway Motorsports, LLC (Speedway Motorsports) is United States-based company. The Company is a marketer, promoter, and sponsor of motorsports entertainment in the United States. Speedway Motorsports through its subsidiaries owns and operates the facilities, such as Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway, Texas Motor Speedway and Kentucky Speedway.
Speedway Motorsports, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018