Live Nation Entertainment, Inc. (NYSE:LYV) had a loss 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.
Live Nation Entertainment, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.33 in the quarter versus EPS of $-0.37 in the year-earlier quarter.
Revenue: Rose 6.42% to $923.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Live Nation Entertainment, Inc. reported adjusted EPS loss of $0.33 per share. By that measure, the company beat the mean analyst estimate of $-0.37. It beat the average revenue estimate of $914.37 million.
Quoting Management: “We are pleased with our first quarter revenue growth of 6% as compared to last year, driven by a 12% increase in concert attendance. This good start to the year reaffirms the strength and stability of our platforms heading into 2013, and through April 2013, our concert ticket sales for all events this year are up 26% and Ticketmaster ticket counts for events in 2013 are up 8% relative to this point last year,” said Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. “These ticket volumes, along with the progress on our strategic initiatives across Concerts, Sponsorship & Advertising and Ticketing give us even greater confidence we will deliver our overall growth plans for 2013.”
Key Stats (on next page)…