International Speedway Narrows 2016 Outlook

(RTTNews) - International Speedway Corp. (ISCA) said that it narrowed its 2016 full year guidance.

For 2016, the company now expects earnings per share to be in the range of $1.45 to $1.55, and revenue of $658.0 million - $665.0 million. Previously, the company had expected earnings per share of $1.45 - $1.60 and revenue of $660.0 million - $670.0 million for fiscal year 2016.

Analysts polled by Thomson Reuters expect the company to report earnings of $1.55 per share and revenues of $666.21 million for fiscal year 2016.

Lesa France Kennedy, ISC Chief Executive Officer. said, "We maintain a solid financial position, developed over many years, that affords us the ability to follow our disciplined capital allocation strategy and maintain our leadership position in the motorsports industry. Building on this foundation we will continue to execute our five year, $600 million capital allocation plan through fiscal 2017."

Additionally, on April 13, 2016, the ISC Board of Directors approved an annual dividend of $0.41 per share, for a total payout of $18.9 million, paid on June 30, 2016 to common stockholders of record as of May 31, 2016. The dividend approved for fiscal 2016 is an increase of approximately 58.0% over the dividend paid in fiscal 2015 of $0.26 per share. At this time, the company targets a total payout of approximately $56.0 million in fiscal 2016 through a combination of share repurchases and dividends.