Live Nation Entertainment Earnings: Here’s Why the Stock is Rising Now
Live Nation Entertainment, Inc. (NYSE:LYV) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 6.19%.
Live Nation Entertainment, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 650% to $0.3 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Rose 8.31% to $1.68 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Live Nation Entertainment, Inc. reported adjusted EPS income of $0.3 per share. By that measure, the company beat the mean analyst estimate of $0.1. It beat the average revenue estimate of $1.62 billion.
Quoting Management: “We saw continued strong consumer demand for the live business over the past quarter, and further accelerated our top line growth by continuing to build share in our concerts and ticketing businesses. As a result, we are well on our way to achieving our 2013 goals with strong performance across our core business segments with revenue growth of 8% in the second quarter as compared to last year. The positive trend in our concert ticket sales from the beginning of the year has continued with concert attendance up 8% for the quarter,” said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. “Sponsorship & Advertising delivered a 16% increase in revenue during the second quarter driven by new sponsors and improved online activity and Ticketmaster revenue was up 3% with 2% higher ticket volume. We strongly believe that the strategies and investments we are implementing today position the company for long-term growth and delivery of our three-year plan.”
Key Stats (on next page)…