Increased concert attendance lifts Live Nation 3Q
LOS ANGELES (AP) — Live Nation Entertainment Inc. said Monday that its net income in the third quarter rose 12 percent as concert attendance increased and it made more profit from selling tickets to events.
Net income in the three months to Sept. 30 rose to $57.9 million, or 31 cents per share, from $51.7 million, or 27 cents per share, a year ago.
Revenue rose 10 percent to $1.96 billion.
Analysts, on average, were looking for earnings of 29 cents per share on revenue of $1.82 billion, according to FactSet.
Estimated concert attendance rose to 15.8 million during the quarter up from 15.6 million a year ago, even though the company promoted slightly fewer concerts, down to 5,182 from 5,241 from a year ago.
In the quarter, the company estimated that it sold 36 million tickets to concerts, sports, arts, theater and other events, up from 34.9 million a year ago.
Live Nation shares closed down 7 cents at $9.17 prior to the release of earnings on Monday.