Speedway Motorsports Posts Narrower 4Q Loss

CONCORD, N.C. (AP) — Speedway Motorsports Inc., which markets and promotes motorsports entertainment, on Wednesday reported a narrower fourth-quarter loss as lower costs offset a drop in revenue.

However, the results missed Wall Street estimates and the company issued a lower-than-expected financial outlook, sending shares plunging in morning trading. Shares fell $1.59, or 15.5 percent, to $8.73 after hitting an all-time low of $8.46 earlier in the session.

Speedway said its fourth-quarter loss shrunk to $4.9 million, or 11 cents per share, from $20.2 million, or 46 cents per share, in the same quarter last year. Revenue decreased 7 percent to $130.6 million.

Earnings from continued operations came to 42 cents per share. That excludes losses from the company's decision to exit its oil and gas operations, which it said became too difficult and risky.

Analysts surveyed by Thomson Reuters expected a higher profit of 47 cents per share, on average. Such estimates typically exclude one-time items.

For the full year, the company's earnings more than doubled to $80 million, or $1.84 per share, from $38.4 million, or 87 cents per share, in the previous year. Revenue rose 9 percent to $611 million.