Speedway Motorsports, which owns Lowe's Motor Speedway and six other major tracks, today reported a 17 percent increase in second-quarter profits, boosted by the company holding more NASCAR races in the quarter than in the same period last year.
The Concord-based company, founded by billionaire Bruton Smith, had a net income of about $47 million, up from $40.3 million a year earlier. Revenues grew 18 percent, rising from nearly $180.8 million to $212.8 million.
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After seeing a 5 percent drop in admissions revenue in the first quarter, Speedway Motorsports reported 1.8 increase in the second quarter.
The company hosted two more NASCAR races in the quarter than a year earlier: Sprint Cup and Nationwide Series races at the newly-acquired New Hampshire Motor Speedway. The company's Bristol Motor Speedway also hosted a National Hot Rod Association event that had been held in the third quarter last year.
Company officials said in a statement that they believe admissions, concessions, souvenir merchandising and other event-related revenues continue to be hurt by declines in consumer spending from higher fuel prices and difficult consumer credit and housing markets.