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Speedway Motorsports profit misses consensus by 63.8% in Q1

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

EPS increased 29.7% year over year from 1 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $728,750, an increase of 29.6% from $562,500 in the year-earlier period.

The normalized profit margin increased to 0.9% from 0.7% in the year-earlier period.

Total revenue totaled $85.3 million, compared with $84.5 million in the prior-year period, and total operating expenses came to $77.8 million, compared with $77.2 million in the year-earlier period.

Reported net income came to a loss of $4.6 million, or a loss of 11 cents per share, compared to income of $2.1 million, or 5 cents per share, in the year-earlier period.