Live Nation Entertainment Q2 Profit Beats Estimates; Revenue Up 23% YoY

(RTTNews) - Live Nation Entertainment (LYV) reported that the company delivered accelerated growth in the second quarter, with revenue up 23%, operating income up 76%, adjusted operating income up 28%, and free cash flow up 22%. The company said each of its core divisions - concerts, advertising and ticketing - contributed to the strong performance, with revenue and adjusted operating income up double digits in each business.

Second-quarter earnings per share was $0.13 compared to $0.06, prior year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.08 for the quarter. Analysts' estimates typically exclude special items.

Second-quarter revenue were up 23% to $2.18 billion. Analysts expected revenue of $1.88 billion, for the quarter.

Looking forward, Live Nation said it expects 2016 to be another year of growth and record results for the company. Based on leading indicators in concerts, sponsorship & advertising, and ticketing, the company expects revenue and adjusted operating income growth in each of these businesses and overall for Live Nation in 2016.

Shares of Live Nation were up more than 8% after hours.