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International Speedway Profit Slips

Shares drop.

International Speedway

(ISCA) - Get International Speedway Corporation Class A Report

, a promoter of motorsports, said its third-quarter earnings fell 6.7% from a year ago, hurt by higher expenses.

The Daytona Beach, Fla.-based company earned $34.3 million, or 64 cents a share, in the quarter, compared with $36.8 million, or 69 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings 65 cents a share.

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Third-quarter revenue rose 7.4% from a year ago to $178.9 million as against analysts' expectation of $174.3 million.

The company reaffirmed its full year guidance and expects to earn $3.20 a share to $3.25 a share, on revenue of $785 million to $795 million. Analysts forecast earnings of $3.21 a share on revenue of $794.5 million for the full year.

Third-quarter operating income fell 7.5% from a year ago to $51.8 million and operating margin was down 468 basis points to 29%.

The company's shares were trading down 53 cents, or 1.1%, at $50.08 Thursday.

This story was created through a joint venture between TheStreet.com and IRIS.