International Speedway Cuts Full-year Outlook

DAYTONA BEACH, Fla. (AP) — International Speedway Corp. slashed its full-year adjusted profit and revenue forecasts Tuesday on softening economic conditions.

The motor sports company now expects adjusted earnings of $1.80 to $2 per share on revenue of $700 million to $720 million. It previously predicted an adjusted profit of $2.35 to $2.45 per share on revenue of $745 million to $765 million.

International Speedway's latest outlook excludes an asset impairment charge, operating results from an equity investment in Motorsports Authentics LLC and additional depreciation related to its Daytona Live! project.

Motorsports Authentics is International Speedway's joint venture with Speedway Motorsports Inc.

The company also said it is "more comfortable" at the low end of its updated forecasts.

Analysts polled by Thomson Reuters expect net income of $2.24 per share on revenue of $747.2 million. Analysts' estimates normally exclude one-time items.

International Speedway also reported Tuesday that its fiscal first-quarter profit fell 31 percent on a consumer spending pullback.