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Live Nation Q3 Earnings Surpass Estimates, Revenues Miss
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Live Nation Entertainment, Inc.'s (LYV - Free Report) third-quarter 2024 earnings surpassed the Zacks Consensus Estimate but revenues missed the same. The top and bottom lines declined from the prior-year quarter’s level.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Following the results, the company shares gained 7.6% during the after-hours trading session yesterday. Positive investor sentiments were witnessed as the company shared its outlook on expanding growth opportunities, driven by an unprecedented summer concert season and a record-breaking show pipeline.
Despite the one-time accrual impacts on operating income, Live Nation anticipates achieving double-digit AOI (Adjusted Operating Income) growth in 2024. Also, it stated optimism for continued momentum into 2025, with a more extensive lineup of stadium, arena and amphitheater shows to meet high fan demand.
LYV’s Q3 Earnings & Revenues
During the third quarter, the company reported adjusted earnings per share (EPS) of $1.66, surpassing the Zacks Consensus Estimate of $1.58 by 5.1%. In the year-ago quarter, the company reported an adjusted EPS of $1.93.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Revenues amounted to $7.7 billion, missing the consensus mark of $7.8 billion. The top line declined 6.2% year over year from $8.2 billion.
Segmental Discussion
Concerts: The segment’s revenues totaled $6.6 billion, down 6% year over year. Our model predicted the metric to fall 0.4% year over year. AOI was $474.1 million, up 39% from the year-ago figure.
Ticketing: Segmental revenues amounted to $693.7 million, down 17% from the prior-year quarter level. Our model estimated the metric to decline 0.9% year over year. AOI was $235.7 million, down 33% year over year.
Sponsorship & Advertising: Revenues from this segment totaled $390.3 million, up 6% from the year-ago quarter’s figure. We estimated the metric to decline 0.4% year over year. AOI was $275.3 million, up 10% year over year.
Other Financial Information
Live Nation's cash and cash equivalents as of Sept. 30, 2024, totaled $5.5 billion, up from $6.23 billion as of Dec. 31, 2023. At the end of the third quarter, goodwill was $2.67 billion compared with $2.69 billion at the end of 2023. Net long-term debt came in at $5.67 billion compared with $5.46 billion as of Dec. 31, 2023.
At the end of the first nine months of 2024, net cash provided by operating activities was $680.1 million compared with $754.6 million reported in the year-ago period.
Royal Caribbean Cruises Ltd. (RCL - Free Report) posted impressive third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
In the quarter, the company exceeded its guidance, driven by stronger pricing on close-in demand, continued growth in onboard revenues and reduced costs due to timing factors. The company has raised its outlook for 2024 and reported elevated demand patterns heading into 2025.
Mattel, Inc. (MAT - Free Report) reported impressive third-quarter 2024 results, wherein the adjusted earnings and net sales topped the Zacks Consensus Estimate. The top line surpassed the consensus estimate after missing it for three consecutive quarters. On a year-over-year basis, net sales declined while adjusted earnings grew.
The company’s quarterly results benefited from its Optimizing for Profitable Growth program along with the focus on its multi-year strategy to expand its IP-driven toy business and entertainment offering. Although the top line was adversely impacted by reduced sales from both the reportable segments, the bottom line showed resilience through operational efficiencies.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in RevPAR, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories — including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.
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Live Nation Q3 Earnings Surpass Estimates, Revenues Miss
Live Nation Entertainment, Inc.'s (LYV - Free Report) third-quarter 2024 earnings surpassed the Zacks Consensus Estimate but revenues missed the same. The top and bottom lines declined from the prior-year quarter’s level.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Following the results, the company shares gained 7.6% during the after-hours trading session yesterday. Positive investor sentiments were witnessed as the company shared its outlook on expanding growth opportunities, driven by an unprecedented summer concert season and a record-breaking show pipeline.
Despite the one-time accrual impacts on operating income, Live Nation anticipates achieving double-digit AOI (Adjusted Operating Income) growth in 2024. Also, it stated optimism for continued momentum into 2025, with a more extensive lineup of stadium, arena and amphitheater shows to meet high fan demand.
LYV’s Q3 Earnings & Revenues
During the third quarter, the company reported adjusted earnings per share (EPS) of $1.66, surpassing the Zacks Consensus Estimate of $1.58 by 5.1%. In the year-ago quarter, the company reported an adjusted EPS of $1.93.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Live Nation Entertainment, Inc. price-consensus-eps-surprise-chart | Live Nation Entertainment, Inc. Quote
Revenues amounted to $7.7 billion, missing the consensus mark of $7.8 billion. The top line declined 6.2% year over year from $8.2 billion.
Segmental Discussion
Concerts: The segment’s revenues totaled $6.6 billion, down 6% year over year. Our model predicted the metric to fall 0.4% year over year. AOI was $474.1 million, up 39% from the year-ago figure.
Ticketing: Segmental revenues amounted to $693.7 million, down 17% from the prior-year quarter level. Our model estimated the metric to decline 0.9% year over year. AOI was $235.7 million, down 33% year over year.
Sponsorship & Advertising: Revenues from this segment totaled $390.3 million, up 6% from the year-ago quarter’s figure. We estimated the metric to decline 0.4% year over year. AOI was $275.3 million, up 10% year over year.
Other Financial Information
Live Nation's cash and cash equivalents as of Sept. 30, 2024, totaled $5.5 billion, up from $6.23 billion as of Dec. 31, 2023. At the end of the third quarter, goodwill was $2.67 billion compared with $2.69 billion at the end of 2023. Net long-term debt came in at $5.67 billion compared with $5.46 billion as of Dec. 31, 2023.
At the end of the first nine months of 2024, net cash provided by operating activities was $680.1 million compared with $754.6 million reported in the year-ago period.
LYV’s Zacks Rank
Live Nation currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Recent Consumer Discretionary Releases
Royal Caribbean Cruises Ltd. (RCL - Free Report) posted impressive third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
In the quarter, the company exceeded its guidance, driven by stronger pricing on close-in demand, continued growth in onboard revenues and reduced costs due to timing factors. The company has raised its outlook for 2024 and reported elevated demand patterns heading into 2025.
Mattel, Inc. (MAT - Free Report) reported impressive third-quarter 2024 results, wherein the adjusted earnings and net sales topped the Zacks Consensus Estimate. The top line surpassed the consensus estimate after missing it for three consecutive quarters. On a year-over-year basis, net sales declined while adjusted earnings grew.
The company’s quarterly results benefited from its Optimizing for Profitable Growth program along with the focus on its multi-year strategy to expand its IP-driven toy business and entertainment offering. Although the top line was adversely impacted by reduced sales from both the reportable segments, the bottom line showed resilience through operational efficiencies.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2024 results, with earnings and revenues beating the Zacks Consensus Estimate. Both the metrics increased on a year-over-year basis.
The company's performance was backed by notable improvements in RevPAR, attributed to higher occupancy rates and average daily rates. Furthermore, in the quarter, Hilton opened 531 new hotels. It achieved net room growth of 33,600. As of Sept. 30, 2024, Hilton's development pipeline comprised nearly 3,525 hotels, with almost 492,400 rooms across 120 countries and territories — including 28 countries and regions with no running hotels. For 2024, the company expects net unit growth in the range of 7-7.5%.