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Live Nation's (LYV) Q3 Earnings & Revenues Top Estimates, Up Y/Y
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Live Nation Entertainment, Inc. (LYV - Free Report) reported impressive third-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Revenues surpassed the consensus estimate for the sixth straight quarter while earnings outshined for the third consecutive quarter.
Live Nation’s growth trend is attributable to solid contributions from three of its major business segments on the back of double-digit growth in fan demand, live events and robust ticket sales, globally. The company noted that more than 140 million tickets were sold so far this year for shows, up 17% year over year. This value has already surpassed the full-year 2022 total tickets sold of 121 million.
Following the results, shares of this live entertainment company increased 3.1% in the after-market trading session on Nov 2.
Q3 Earnings & Revenues
In the reported quarter, the company reported adjusted earnings per share of $1.78, beating the Zacks Consensus Estimate of earnings of $1.27 per share by 40.2%. In the prior-year quarter, it reported adjusted earnings of $1.39 per share.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Revenues amounted to $8.15 billion, beating the Zacks Consensus Estimate of $6.89 billion by 18.4%. The top line increased 32% year over year from $6.15 billion.
Segmental Discussion
Concerts: The segment’s revenues totaled $6.97 billion, up 32% year over year. Our model predicted the metric to climb 5.8% year over year. Adjusted operating income was $340.9 million, up 21% year over year. Total estimated events rose to 12,090, up from the prior-year’s figure of 11,227 events. Our model predicted the total events for the reporting quarter to be 11,242.
Ticketing: Segmental revenues amounted to $832.6 million, up 57% from the prior-year quarter. Our model estimated the metric to jump 40.6% year over year. Adjusted operating income was $316.4 million, up from $163.2 million reported in the prior-year quarter. In the quarter, the total estimated tickets sold rose to 155,383,000 from 135,311,000 reported in the prior-year quarter.
Sponsorship & Advertising: Revenues from this segment totaled $366.8 million, up 7% from the year-ago quarter. We estimated the metric to rise 4.9% year over year. Adjusted operating income rose to $250.3 million, up 11% year over year.
Other Financial Information
Cash and cash equivalents as of Sep 30, 2023, totaled $5.95 billion compared with $5.61 billion as of Dec 31, 2022. Goodwill in the third quarter was $2.65 billion compared with $2.53 billion at 2022 end. Net long-term debt increased to $6.55 billion from $5.28 billion as of Dec 31, 2022.
For the first nine months of 2023, net cash provided by operating activities was $762.4 million compared with $928.4 million reported in the year-ago period.
JAKKS Pacific, Inc. (JAKK - Free Report) reported third-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. While revenues outpaced the consensus estimate for the eighth straight quarter, earnings beat the same for the third consecutive quarter.
The company’s product margins have seen a notable boost this year, thanks to a more stable supply chain and reduced promotional activities compared with the previous year.
Caesars Entertainment, Inc. (CZR - Free Report) reported impressive third-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. Also, the top and the bottom lines increased on a year-over-year basis.
The company’s uptrend was primarily driven by the solid performance of the Regional segment on the back of the opening of two temporary gaming facilities. Also, gaming revenues from the Caesars Digital segment, attributable to additional state launches of its online and retail Caesars Sportsbooks, added to the growth momentum. Additionally, improvements in the year-over-year hotel occupancy rates within the Las Vegas segment bode well, despite the ongoing economic uncertainties.
Royal Caribbean Cruises Ltd. (RCL - Free Report) reported third-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The upside was primarily driven by solid cruising demand, improvement in load factors and onboard spending momentum. A rise in close-in demand (at higher prices) and continued strength in onboard revenues added to the positives.
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Live Nation's (LYV) Q3 Earnings & Revenues Top Estimates, Up Y/Y
Live Nation Entertainment, Inc. (LYV - Free Report) reported impressive third-quarter 2023 results, wherein earnings and revenues beat the Zacks Consensus Estimate. Revenues surpassed the consensus estimate for the sixth straight quarter while earnings outshined for the third consecutive quarter.
Live Nation’s growth trend is attributable to solid contributions from three of its major business segments on the back of double-digit growth in fan demand, live events and robust ticket sales, globally. The company noted that more than 140 million tickets were sold so far this year for shows, up 17% year over year. This value has already surpassed the full-year 2022 total tickets sold of 121 million.
Following the results, shares of this live entertainment company increased 3.1% in the after-market trading session on Nov 2.
Q3 Earnings & Revenues
In the reported quarter, the company reported adjusted earnings per share of $1.78, beating the Zacks Consensus Estimate of earnings of $1.27 per share by 40.2%. In the prior-year quarter, it reported adjusted earnings of $1.39 per share.
Live Nation Entertainment, Inc. Price, Consensus and EPS Surprise
Live Nation Entertainment, Inc. price-consensus-eps-surprise-chart | Live Nation Entertainment, Inc. Quote
Revenues amounted to $8.15 billion, beating the Zacks Consensus Estimate of $6.89 billion by 18.4%. The top line increased 32% year over year from $6.15 billion.
Segmental Discussion
Concerts: The segment’s revenues totaled $6.97 billion, up 32% year over year. Our model predicted the metric to climb 5.8% year over year. Adjusted operating income was $340.9 million, up 21% year over year. Total estimated events rose to 12,090, up from the prior-year’s figure of 11,227 events. Our model predicted the total events for the reporting quarter to be 11,242.
Ticketing: Segmental revenues amounted to $832.6 million, up 57% from the prior-year quarter. Our model estimated the metric to jump 40.6% year over year. Adjusted operating income was $316.4 million, up from $163.2 million reported in the prior-year quarter. In the quarter, the total estimated tickets sold rose to 155,383,000 from 135,311,000 reported in the prior-year quarter.
Sponsorship & Advertising: Revenues from this segment totaled $366.8 million, up 7% from the year-ago quarter. We estimated the metric to rise 4.9% year over year. Adjusted operating income rose to $250.3 million, up 11% year over year.
Other Financial Information
Cash and cash equivalents as of Sep 30, 2023, totaled $5.95 billion compared with $5.61 billion as of Dec 31, 2022. Goodwill in the third quarter was $2.65 billion compared with $2.53 billion at 2022 end. Net long-term debt increased to $6.55 billion from $5.28 billion as of Dec 31, 2022.
For the first nine months of 2023, net cash provided by operating activities was $762.4 million compared with $928.4 million reported in the year-ago period.
Zacks Rank
Live Nation currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Recent Consumer Discretionary Releases
JAKKS Pacific, Inc. (JAKK - Free Report) reported third-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. While revenues outpaced the consensus estimate for the eighth straight quarter, earnings beat the same for the third consecutive quarter.
The company’s product margins have seen a notable boost this year, thanks to a more stable supply chain and reduced promotional activities compared with the previous year.
Caesars Entertainment, Inc. (CZR - Free Report) reported impressive third-quarter 2023 results, with earnings and revenues surpassing the Zacks Consensus Estimate. Also, the top and the bottom lines increased on a year-over-year basis.
The company’s uptrend was primarily driven by the solid performance of the Regional segment on the back of the opening of two temporary gaming facilities. Also, gaming revenues from the Caesars Digital segment, attributable to additional state launches of its online and retail Caesars Sportsbooks, added to the growth momentum. Additionally, improvements in the year-over-year hotel occupancy rates within the Las Vegas segment bode well, despite the ongoing economic uncertainties.
Royal Caribbean Cruises Ltd. (RCL - Free Report) reported third-quarter 2023 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and the bottom line increased on a year-over-year basis.
The upside was primarily driven by solid cruising demand, improvement in load factors and onboard spending momentum. A rise in close-in demand (at higher prices) and continued strength in onboard revenues added to the positives.