Live Nation Stock Rises on Strong Earnings
The company posted per-share earnings of 30 cents while analysts expected only 11 cents.
Shares of Live Nation Entertainment were advancing 6 percent during the after-hours session and the concerts and events company posted quarterly earnings per share of 30 cents, besting the expectations of analysts by a hefty 19 cents.
The nation's largest ticket seller and promoter of concerts said Tuesday that operating income rose 9.5 percent to $159.9 million and net income was $58.1 million, up from $7.7 million a year earlier.
Revenue of $1.68 billion bested projections of $1.63 billion. Last year in the same quarter the company reported $1.55 billion in revenue.
The company said it sold 19.5 million concert tickets during the quarter, up from 18.6 million, and 8.1 million sports tickets, up from 7.7 million.
"The positive trend in our concert ticket sales from the beginning of the year has continued with concert attendance up 8 percent for the quarter," said CEO Michael Rapino.
Shares of Live Nation sunk 2 percent to $16.32 Tuesday during the regular session but were up more than $1 after the closing bell.