Speedway Motorsports, Inc. (SMI) (NYSE: TRK) announced financial results for the fourth quarter and full year 2017.
For the fourth quarter of fiscal 2017, total revenue decreased from $79.5 million for the same period last year to $76.4 million. Net income for the quarter rose from $271,000, or $0.01 per diluted share, for the fourth quarter of 2016, to $113.7 million, or $2.77 per diluted share. In addition, adjusted net loss was $907,000, or $0.02 per diluted share, for the fourth quarter.
For the full year 2017, the company reported of $453.6 million, decreasing from $489.7 million in 2016. Compared with the net income of $39.5 million, or $0.96 per diluted share, in 2016, the company posted net income of $148.2 million, or $3.61 per diluted share, for fiscal 2017.
“SMI’s full year 2017 non-GAAP results were within our expectations, but we had poor weather again at an unusually high number of our events,” Marcus G. Smith, the Chief Executive Officer and President of Speedway Motorsports, said in the statement on Wednesday.
“Seven events during our 13 NASCAR Cup race weekends in 2017 were negatively impacted, with our Charlotte Motor Speedway contending with another October hurricane – Nate this past year and Matthew the year before. For 2018, we are excited about offering our fans and corporate customers new unique, modern fan-zone entertainment areas at several of our speedways,” said Mr. Smith.
In the statement, Speedway Motorsports also provided guidance for full year 2018. Total revenues were expected to be in the range of $450 to $475 million, and net income was expected to be in the range of $41 to $49 million.