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CONCORD, N.C. - Speedway Motorsports Inc., which operates motorsports facilities, said Wednesday it swung to a third-quarter profit on higher revenue from NASCAR and other racing events.
| TRK | 17.7 |  -0.1 |
Speedway said its profit for the quarter ended Sept. 30 came to $7 million, or 16 cents per share, compared with a loss of $13.6 million, or 31 cents per share, in the same quarter a year ago.
Wall Street analysts expected earnings 17 cents per share, according to a survey of analysts by Thomson Reuters. Revenue climbed 28 percent to $112.3 million from 87.6 million last year.
The company attributed the sharply higher revenue to successful NASCAR and other racing events, saying it put on sellout competitions at its Bristol Motor Speedway and saw near sellout crowds at its New Hampshire Motor Speedway.
Speedway also reaffirmed its full-year guidance of between $2.40 and $2.50 per share. Analysts expect $2.45 per share.
Shares of Speedway Motor closed Tuesday at $15.47. The stock is down 50 percent for the year.
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