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Live Nation (LYV) Stock Up on Q3 Earnings & Revenues Beat
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Live Nation Entertainment, Inc. (LYV - Free Report) reported solid third-quarter 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year. Following the results, the company’s shares have gained 5.5% in the after-hour trading session on Nov 3.
The company has been benefiting from pent-up demand for live events and robust ticket sales for major festivals. Overall ticket sales for major festivals were up 10% compared to 2019. Improved pricing contributed to the results as well.
Earnings & Revenues
In third-quarter 2021, the company reported adjusted earnings per share of 19 cents, which compared favorably with the Zacks Consensus Estimate of a loss of 11 cents. In the prior-year quarter, the company had reported an adjusted loss per share of $2.45.
The company’s revenues of $2,698.5 million surpassed the Zacks Consensus Estimate of $2,121 million. In the prior year quarter, the company had reported revenues of $184 million.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Concerts: The segment’s revenues totaled $2,151.6 million, up from the prior-year quarter’s figure of $154.8 million. Adjusted operating income was $59.6 million against a loss of $173.4 million in the year-ago quarter. Total estimated events increased to 5,563, up from the prior-year quarter’s 360 events.
Ticketing: The segment’s revenues amounted to $374.2 million, against the prior-year quarter figure of ($19.8) million. Adjusted operating income increased to $171.8 million, versus a loss of $141.9 million in the prior-year quarter. Total estimated ticket sold rose to 83,094,000.
Sponsorship & Advertising: The segment’s revenues were $174.4 million, up from the prior-year quarter’s $47.9 million. Adjusted operating income rose to $111.2 million from $22.9 million in the prior-year quarter.
Balance Sheet
Cash and cash equivalents as of Sep 30, 2021, totaled $4,628.9 million compared with $2,537.8 million as on Dec 31, 2020. Goodwill in the third quarter was $2,109.7 million compared with $2,129.2 million at 2020-end. Total long-term debt increased to $5,686.9 million, compared with $4,855.1 million as on Dec 31, 2020.
Zacks Rank & Key Picks
Live Nation currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Consumer Discretionary sector include Golden Entertainment, Inc. (GDEN - Free Report) , Camping World Holdings, Inc. (CWH - Free Report) and RCI Hospitality Holdings, Inc. (RICK - Free Report) . Golden Entertainment sports a Zacks rank #1 (Strong Buy), while Camping World and RCI Hospitality carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Golden Entertainment’s 2021 earnings are expected to surge 232.1%.
Camping World has a trailing four-quarter earnings surprise of 70.9%, on average.
RCI Hospitality has a three-five-year EPS growth rate of 12%.
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Live Nation (LYV) Stock Up on Q3 Earnings & Revenues Beat
Live Nation Entertainment, Inc. (LYV - Free Report) reported solid third-quarter 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved year over year. Following the results, the company’s shares have gained 5.5% in the after-hour trading session on Nov 3.
The company has been benefiting from pent-up demand for live events and robust ticket sales for major festivals. Overall ticket sales for major festivals were up 10% compared to 2019. Improved pricing contributed to the results as well.
Earnings & Revenues
In third-quarter 2021, the company reported adjusted earnings per share of 19 cents, which compared favorably with the Zacks Consensus Estimate of a loss of 11 cents. In the prior-year quarter, the company had reported an adjusted loss per share of $2.45.
The company’s revenues of $2,698.5 million surpassed the Zacks Consensus Estimate of $2,121 million. In the prior year quarter, the company had reported revenues of $184 million.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Live Nation Entertainment, Inc. price-consensus-eps-surprise-chart | Live Nation Entertainment, Inc. Quote
Segmental Discussion
Concerts: The segment’s revenues totaled $2,151.6 million, up from the prior-year quarter’s figure of $154.8 million. Adjusted operating income was $59.6 million against a loss of $173.4 million in the year-ago quarter. Total estimated events increased to 5,563, up from the prior-year quarter’s 360 events.
Ticketing: The segment’s revenues amounted to $374.2 million, against the prior-year quarter figure of ($19.8) million. Adjusted operating income increased to $171.8 million, versus a loss of $141.9 million in the prior-year quarter. Total estimated ticket sold rose to 83,094,000.
Sponsorship & Advertising: The segment’s revenues were $174.4 million, up from the prior-year quarter’s $47.9 million. Adjusted operating income rose to $111.2 million from $22.9 million in the prior-year quarter.
Balance Sheet
Cash and cash equivalents as of Sep 30, 2021, totaled $4,628.9 million compared with $2,537.8 million as on Dec 31, 2020. Goodwill in the third quarter was $2,109.7 million compared with $2,129.2 million at 2020-end. Total long-term debt increased to $5,686.9 million, compared with $4,855.1 million as on Dec 31, 2020.
Zacks Rank & Key Picks
Live Nation currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Consumer Discretionary sector include Golden Entertainment, Inc. (GDEN - Free Report) , Camping World Holdings, Inc. (CWH - Free Report) and RCI Hospitality Holdings, Inc. (RICK - Free Report) . Golden Entertainment sports a Zacks rank #1 (Strong Buy), while Camping World and RCI Hospitality carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Golden Entertainment’s 2021 earnings are expected to surge 232.1%.
Camping World has a trailing four-quarter earnings surprise of 70.9%, on average.
RCI Hospitality has a three-five-year EPS growth rate of 12%.