Speedway 2Q profit rises 17 pct on NASCAR revenue

Speedway Motorsports said Wednesday its profit rose 17 percent in the second quarter, beating analysts' estimates, as strong revenue from NASCAR events largely offset the effects of escalating gas prices on admission revenue and other difficult economic conditions.

The operator of motorsports raceways reported net income of $47 million, or $1.08 per share, for the three months ended June 30, compared with $40.3 million, or 92 cents a share, in the same period last year.

Revenue rose 18 percent to $212.8 million from $180.8 million.

Analysts surveyed by Thomson Financial, on average, expected earnings of $1.07 per share on sales of $211.5 million.

The company's event-related revenue, much of it due to corporate marketing, rose 14 percent to $72.9 million during the quarter.

Shares fell 36 cents, or 1.8 percent, to $19.76 in morning trading.