Live Nation Reports Mixed Q2

While Live Nation execs in their last earnings call predicted a softer second quarter as a matter of timing, the results fell short of Wall Street analyst prognostications in some areas, and beat the street in others. Analysts forecast a profit of 15 cents a share on revenue of $1.61 billion, according to the Wall Street Journal.

The company reported profit declined to $22.9 million, or 11 cents per share, from $58.1 million, or 30 cents per share, in the same quarter a year earlier.

LYV also reported revenue of $1.67 billion compared with $1.68 billion in the same quarter a year ago, and beat Wall Street forecasts.

Analysts expected $1.58 billion, according to Zacks Investment Research. Live Nation President/CEO Michael Rapino seemed unconcerned, noting that the timing of large tours shifting from arenas to festivals and stadiums in the second half of the year bode well for what he said could be a “blockbuster” July.

The company said in its report that it has “now fully aligned artist management with the rest of the company,” but made no mention of published rumors that longtime Madonna and now U2 manager Guy Oseary may be taking a major role at a restructured Artist Nation.

Live Nation shares have risen $3.45, or 17 percent, to $23.21 since the beginning of the year. The stock has climbed $6.51, or 39 percent, in the last 12 months.