The 10-second takeaway
For the quarter ended June 30 (Q2), Speedway Motorsports beat expectations on revenues and crushed expectations on earnings per share.
Compared to the prior-year quarter, revenue grew significantly and GAAP earnings per share increased.
Gross margins dropped, operating margins expanded, net margins improved.
Speedway Motorsports recorded revenue of $181.0 million. The one analyst polled by S&P Capital IQ predicted revenue of $157.8 million on the same basis. GAAP reported sales were 18% higher than the prior-year quarter's $153.1 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.65. The one earnings estimate compiled by S&P Capital IQ anticipated $0.49 per share. GAAP EPS were $0.65 for Q2 compared to -$0.68 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 52.0%, 80 basis points worse than the prior-year quarter. Operating margin was 30.8%, 180 basis points better than the prior-year quarter. Net margin was 14.9%, 3,340 basis points better than the prior-year quarter.
Next quarter's average estimate for revenue is $176.6 million. On the bottom line, the average EPS estimate is $0.63.
Next year's average estimate for revenue is $503.8 million. The average EPS estimate is $1.05.
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