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Wednesday, November 04, 2009

Speedway Motorsports Shares Jump 15% on Earnings Beat

By Kathryn Glass

FOXBusiness

Speedway Motorsports (TRK) shares rose 15% in Wednesday’s session, after the company reaffirmed its full-year view and reported earnings that topped analyst estimates in the third quarter.

The company saw profit rise to $7.9 million, or 19 cents a share, compared to $7.0 million, or 18 cents per share in the third quarter of 2008.

Speedway Motorsports earned $9.1 million or 21 cents per share from continuing operations, down from $7.9 million or 18 cents per share a year ago.

Revenue for the quarter rose to $134.6 million, up 20% from revenue of $112.3 million reported the year-ago quarter.

Earnings from continuing operations beat forecasts of 19 cents, according to an analyst poll by Thomson Reuters. Revenue also beat consensus top-line estimates of $120.6 million.

Shares of Speedway Motorsports rose $2.00 per share to close at $15.27 on Wednesday.

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