Live Nation Entertainment, Inc. (LYV Quick QuoteLYV - Free Report) reported second-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Revenues surpassed the consensus estimate for the fifth straight quarter, while earnings outshined for the second consecutive quarter.

Live Nation Entertainment has been gaining from pent-up demand for live events and robust ticket sales. It continues to benefit from robust performance of Ticketmaster and an increase in fan spending. Management noted that more than 117 million tickets sold so far this year for shows, up 20% year over year.

Earnings & Revenues

In second-quarter 2023, the company reported adjusted earnings per share of $1.02, outpacing the Zacks Consensus Estimate of 57 cents. In the prior-year quarter, LYV reported adjusted earnings of 66 cents.

Revenues amounted to $5,630.7 million, beating the Zacks Consensus Estimate of $4,848 million. The top line increased 27% year over year.

Segmental Discussion

Concerts: The segment’s revenues totaled $4,633.3 million, up 29% year over year. Our model predicted the metric to climb 7.6% year over year. Adjusted operating income was $168.1 million, up 37% year over year. Total estimated events rose to 12,241, down from the prior-year’s 12,548 events. Our model predicted total events to be 12,544.

Ticketing: Segmental revenues amounted to $709.3 million, up 23% from the prior-year quarter. Our model estimated the metric to jump 8.6% year over year. Adjusted operating income ascended to $292.7 million from $230.8 million reported in the prior-year quarter. In second-quarter 2023, total estimated tickets sold rose to 150,115,000 from 139,813,000.

Sponsorship & Advertising: Revenues from this segment totaled $302.9 million, up 15% from the year-ago quarter. We estimated the metric to escalate 24.6% year over year. Adjusted operating income rose to $203.1 million, up 14% year over year.

Other Financial Information

Cash and cash equivalents as of Jun 30, totaled $7,128.9 million compared with $5,606.5 million as of Dec 31, 2022. Goodwill in the second quarter was $2,619.4 million compared with $2,529.4 million at 2022 end. Total long-term debt increased to $6,554.7 million compared with $5,283.5 million as of Dec 31, 2022.

In second-quarter 2023, net cash provided by operating activities was $1,646.8 million compared with $1,547.4 million reported in the year-earlier quarter.

Zacks Rank & Other Key Picks

Live Nation Entertainment currently sports a Zacks Rank #1 (Strong Buy).

Here we present some other top-ranked stocks from the Zacks Consumer Discretionary sector.

Trip.com Group Limited (TCOM Quick QuoteTCOM - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 147.9%, on average. Shares of TCOM have increased 38.6% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Trip.com Group’s 2023 sales and EPS suggests surges of 101.6% and 531%, respectively, from the year-ago period’s levels.

OneSpaWorld Holdings Limited (OSW Quick QuoteOSW - Free Report) carries a Zacks Rank #2 (Buy). OSW has a trailing four-quarter earnings surprise of 65.8%, on average. Shares of OSW have soared 64.6% in the past year.  

The Zacks Consensus Estimate for OSW’s 2023 sales and EPS indicates increases of 33.9% and 89.3%, respectively, from the year-ago period’s levels.

Royal Caribbean Cruises Ltd. (RCL Quick QuoteRCL - Free Report) carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 26.4%, on average. Shares of RCL have skyrocketed 155.1% in the past year.

The Zacks Consensus Estimate for Royal Caribbean Cruises’ 2023 sales and EPS implies gains of 48.8% and 163.1%, respectively, from the year-ago period’s levels.