Speedway Motorsports (TRK) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $0.27 million, or $ 0.01 a share in the quarter, against a net loss of $3.34 million, or $0.08 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $0.27 million, or $0.01 a share compared with a net loss of $0.71 million, or $0.02 a share in the last year period.

Revenue during the quarter dropped 5.83 percent to $82.63 million from $87.74 million in the previous year period. Gross margin for the quarter contracted 199 basis points over the previous year period to 46.11 percent. Total expenses were 96.20 percent of quarterly revenues, up from 95.19 percent for the same period last year. That has resulted in a contraction of 102 basis points in operating margin to 3.80 percent.

"SMI's full year 2016 results were within our expectations, notwithstanding an unusually high number of our events contending with poor weather," stated Marcus G. Smith, chief executive officer and president of Speedway Motorsports. "Eight events during our 13 NASCAR Cup race weekends in 2016 were negatively impacted, including Hurricane Matthew at Charlotte Motor Speedway in October and shortened racing at Texas Motor Speedway in November."

For fiscal year 2017, Speedway Motorsports expects revenue to be in the range of $475 million to $500 million. The company forecasts net income to be in the range of $37 million to $45 million. The company projects diluted earnings per share to be in the range of $0.90 to $1.10 on adjusted basis.