Speedway Motorsports drives higher profit, revenue in Q3

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Grant Baldwin Photography

Marcus Smith, chief operating officer and president of Speedway Motorsports (NYSE:TRK), participates in the Charlotte Business Journal's recent Motorsports 2.0 event.

Jen Wilson

Associate Editor/Online- Charlotte Business Journal

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Speedway Motorsports Inc. (NYSE:TRK) on Wednesday posted net income of $15 million, or 36 cents per diluted share, for the third quarter, rising from the $12.3 million, or 30 cents per share, in net income a year earlier.

Revenue totaled $139.8 million in the latest period, up from $137.5 million during the comparable period last year.

"These third quarter results are within our expectations and reflect continuing increases in track rentals, strong profitability from certain non-motorsports events and activities, and higher luxury suite revenues on a year-over-year comparable event basis," Marcus Smith, chief operating officer and president of the Concord-based racetrack operator, said in the company's earnings release. "We believe corporate spending trends are stabilizing, with increasing interest in our promotional activities and facilities."

Smith noted that most of the company's NASCAR Sprint Cup and Nationwide Series event sponsorships for 2015 — as well as some for racing seasons beyond 2015 — are sold. He also reiterated confidence in the changes NASCAR implemented this season in its championship scoring and other areas.

"We strongly believe NASCAR's focus on enhancing on-track racing competition and fan appeal is continuing to improve our sport's premier racing product and refine our fans' entertainment experience," he said.

Speedway Motorsports is also working to improve fan experience through its own initiatives too, including a partnership with a sports-tech firm based in Kansas City, Sporting Innovations.

Speedway Motorsports owns and operates eight venues, including Charlotte Motor Speedway.

Jen Wilson coordinates the Charlotte Business Journal's online operations and social-media efforts, chronicles local events for CBJ Seen and takes photographs.