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.

The Latest Demands From Ford
Cortney O'Brien

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.