CTS Eventim Reports Stronger Than Expected Q3

Shares of German ticketing and live events leader CTS Eventim jumped 10% in Friday trading after the company presented better-than-expected earnings for the third quarter. r

Revenue was up 3.5% to €854.2 million ($982.2 million). Adjusted EBITDA was up 13.8% to €137.3 million ($158 million), lifting adjusted margin to 16.1% from 14.6% last year.

The bottom line number was a beat, with the analysts’ consensus at $147 million.

The surprisingly strong quarter was driven almost entirely by the the live entertainment segment, with segment revenue up 5.5% to €663 million ($763 million), and adjusted EBITDA at €46.3 million ($53.3 million), up 27%. That helped bolster a largely flat ticketing segment: revenues of €211 million ($243 million) was 2.1% higher than the same quarter last year and EBITDA of €91 million ($104.7 million), a 8.1% jump.

“Our performance in the third quarter illustrates once again that we are not only growing but also creating long-term value,” CEO Klaus-Peter Schulenberg said in a statement. “In doing so, we are benefitting from continually modernising our technological infrastructure, significantly optimising our processes and making progress with the integration of our acquisitions.”