Live Nation Records Record Third-Quarter Results

Without currency adjustments, Live Nation reported $2.6 billion in revenue, operating income of $154 million and earnings per share of 39 cents.

Live Nation on Thursday reported record third-quarter revenue of $2.8 billion, when adjusted for currency exchange rates, driven in part by 24 million fans attending shows, up 10 percent over the previous year.

Without currency adjustments, Live Nation reported $2.6 billion in revenue, operating income of $154 million and earnings per share of 39 cents.

Earnings of 44 cents per share after adjustments surpassed the expectations of analysts by a penny.

So far this year, Live Nation said it sold more than 54 million tickets to its shows, up 8 percent compared to the same point a year ago.

The company's Ticketmaster asset saw 8 percent growth in visits to its websites worldwide.

"We now have clear visibility into our full year 2015 performance and are confident that we will deliver another year of record top-line results," said CEO Michael Rapino Thursday.

The company said it had 5,852 events worldwide in the third quarter, up from 5,159 a year earlier and 24.2 million fans attended them, up from 22.05 million a year ago.

Concerts were by far the primary source of revenue during the third quarter, followed by ticketing, Artist Nation then sponsorship and advertising.

Shares of Live Nation sunk 1 percent on Thursday.

Email: Paul.Bond@THR.com

 

 

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