Live Nation 2Q profit jumps; revenue tops views

AP News
Posted: Aug 06, 2013 6:45 PM

LOS ANGELES (AP) — Concert promoter and ticket seller Live Nation Entertainment Inc. posted a jump in second-quarter net income on Tuesday as concert attendance grew and it booked gains on the sale of a theater in New York.

Live Nation said concert attendance rose 8 percent to 15.3 million worldwide. It sold 36.3 million tickets mainly through its Ticketmaster subsidiary, up 2 percent from 35.5 million a year ago.

The better-than-expected results sent shares up $1.01, or 6.2 percent, to $17.33 in after-hours trading. The stock had closed the regular session down 31 cents to $16.32.

Net income attributable to common shareholders totaled $58.1 million, or 30 cents per share, for the three months ended June 30, compared with $7.7 million, or 4 cents per share, a year earlier. The company posted a $30 million one-time gain on the sale of Foxwoods Theatre in May and received insurance proceeds for the reconstruction of its Jones Beach Theater which was damaged by Superstorm Sandy.

Revenue grew 8 percent to $1.68 billion from $1.55 billion a year ago.

Analysts polled by FactSet were looking for adjusted earnings of 10 cents per share on revenue of $1.62 billion.