LN Posts Q2 Profit, Beats The Street

Pollstar Staff
2:09 pm, Monday, 08/08/2011
Industry Hotwire

Live Nation says it had a profit in the second quarter, reversing a loss from a year ago, thanks to improved ticket sales, more profitable concerts and growth in advertising sales.

The results announced Monday beat analyst expectations for a break-even quarter.

Net income in the three months through June 30 came to $13.3 million, or 7 cents per share. That compares with a loss of $32.8 million, or 19 cents per share, a year ago.

Live Nation Entertainment Inc.’s revenue grew 23 percent to $1.56 billion. That also was much higher than the $1.31 billion expected by analysts polled by FactSet.

Before the results came out, its stock fell 60 cents, or 6.4 percent, to close at $8.78 in a broad market sell-off on Monday.