UPDATE 1-Speedway Motorsports Q1 misses Wall Street

Wed May 5, 2010 8:44am EDT

* Q1 EPS $0.24 vs est $0.33

* Q1 rev slips 11 pct, misses Street View

* Backs 2010 cont ops EPS $1.00-$1.40 vs est $1.24

May 5 (Reuters) - Speedway Motorsports' (TRK.N) first-quarter results missed expectations, hurt by weak demand across segments and a higher interest expense, and the race-track owner reaffirmed its 2010 earnings outlook.

The company, which operates the Atlanta, Bristol and Charlotte speedways, reported net income from continuing operations of $10.3 million, or 24 cents a share, down from $21.4 million, or 50 cents a share, a year ago. [ID:nASA00BG7]

Net interest expense nearly doubled to $13.5 million during the quarter.

Revenue at the Concord, North Carolina-based company, slipped 11 percent to $118.4 million.

Analysts were looking for earnings of 33 cents a share, on revenue of $124.7 million, according to Thomson Reuters I/B/E/S. The company's shares closed at $16.18 Tuesday on the New York Stock Exchange. (Reporting by Shradhha Sharma in Bangalore; Editing by Unnikrishnan Nair)

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