Concert Attendance Boosts Live Nation’s QuarterMonday, November 5, 2012
Live Nation Entertainment Inc. late Monday said its third quarter profit rose 12 percent as concert attendance increased and the company made more profit from selling tickets to events.
After the markets closed, the Beverly Hills event and artist promoter reported net income of $57.9 million (31 cents a share), compared with $51.7 million (27 cents) in the same period a year earlier. Revenue rose 10 percent to $1.96 billion.
Analysts surveyed by Thomson Reuters on average were expecting net income of 28 cents a share on revenue of $1.82 billion.
Estimated concert attendance rose 1 percent to 15.8 million even though the company promoted 1 percent fewer concerts, down to 5,182 events. The number of tickets sold by its Ticketmaster unit to music, sports and other events rose 3 percent to $36 million.
"The company has continued to execute on plan delivering increased revenue, net income and free cash flow in the third quarter," Chief Executive Michael Rapino said in a statement.
Shares earlier closed down 7 cents, or less than 1 percent, to $9.17 on the New York Stock Exchange, and was unchanged in after-hours trading.