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Speedway Motorsports profit misses consensus by 58.6% in Q1

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Speedway Motorsports profit misses consensus by 58.6% in Q1

Speedway Motorsports Inc. said its normalized net income for the first quarter came to 2 cents per share, compared with the S&P Capital IQ consensus estimate of 5 cents per share.

EPS rose 17.4% year over year from 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $853,130, an increase of 17.1% from $728,750 in the prior-year period.

The normalized profit margin rose to 1.0% from 0.9% in the year-earlier period.

Total revenue declined year over year to $83.2 million from $85.3 million, and total operating expenses came to $78.4 million, compared with $77.8 million in the year-earlier period.

Reported net income totaled $824,880, or 2 cents per share, compared to a loss of $4.6 million, or a loss of 11 cents per share, in the prior-year period.