International Speedway Corporation Announces Unaudited Consolidated Earnings Results for the First Quarter Ended February 28, 2017; Reiterates Earnings Guidance for the Fiscal Year 2017
The company reiterated earnings guidance for the fiscal year 2017. For the year, the company expects revenue of $660.0 million to $670.0 million. The company expects EBITDA margin of 31.5% to 32.5%. The company expects effective tax rate of 38.0% to 38.5%. The company expects diluted earnings per share: $1.50 to $1.65. The company's guidance for EBITDA is to range between $208.0 million to $218.0 million. Incremental to company' EBITDA estimate are pre-tax cash distributions from its equity investment in the Hollywood Casino, estimated to be approximately $25.0 million to $26.0 million. Total capital expenditures for 2017 are estimated between approximately $150.0 million to $175.0 million, which includes capital expenditures for existing facilities, including Phoenix Redevelopment, and ONE DAYTONA.