Live Nation Posts Record Q3

Live Nation Entertainment posted net income of $89 million, up 10 percent from the same time last year and an all-time high, leading a record third quarter as the company released financial reports for its Q3 and  year-to-date after markets closed Oct. 29.

The company beat analyst projections with Q3 profit of 44 cents per share. Analysts from Zacks Investment Research and Thomson Reuters predicted profit of 43 cents.

The ticketseller and concert promoter posted revenue of $2.62 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $2.47 billion.

Live Nation shares have risen nearly 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $27.05, an increase of slightly more than 9 percent in the last 12 months.

The company also claimed record attendance in the third quarter, with more than 24 million fans – representing half of the total attendance for the entire year.

Ticketmaster revenue was up 16 percent, and the unit is on track to roll out its TMOne platform for all North American clients by the end of the year.

“These results demonstrate that Live Nation has created an unparalleled live platform, bringing over 500 million in nearly 40 countries to those unrivaled two-hour events each year,” Live Nation President/CEO Michael Rapino said.

“Concerts are continuing to show the power of our flywheel for our high-margin, on-site, advertising and ticketing businesses, and this year we expect to successfully complete our three-year plan with adjusted operating income growth for the year, while increasing the revenue and profitably of each of our core businesses.

The full report can be accessed  here.