Live Nation reported its best third quarter in the company’s history and is on track for a record year for earnings and operating incoming.
According to the company’s financial results, Live Nation is reporting a revenue increase of 12 percent per quarter and an earnings per share increase of $0.53, up eight percent over the same period in 2017.
Despite the record earnings, Live Nation slightly missed the Zacks Consensus Estimate of $.55 a share, bringing about a 1.3 percent dip in share price, ending the day at $40.92, a 53 percent increase from the same period last year.
Live Nation reported a year-to-date earnings per share of $.62 which is up 82 percent over the same period last year. For the past nine months, revenue was up 19 percent, operating income was up 26 percent and the company’s three major divisions –concerts, advertising and ticketing — hit record adjusted operated income totals.
“Our concerts business is our flywheel, attracting almost 30 million fans to shows globally in the quarter, which then drove record results in our onsite, ticketing and advertising businesses. Through October, we have sold over 80 million tickets for concerts in 2017, up 20 percent year-on-year,” CEO Michael Rapino wrote in a letter to shareholders.
“With our strength in concert attendance growth we are also seeing similar success in our onsite, sponsorship and ticketing businesses, giving us confidence that 2017 will be another year of record results for Live Nation overall and for each of our divisions,” he says.
Attendance was up 9 million fans to 65 million, thanks in part to a number of acquisitions including Salt Lake City’s United Concerts. Average show attendance is up six percent for 2016 while amphitheater average ancillary revenue per fan increased nine percent to almost $24. The report also showed that festival sponsorship was up 20 percent with over 50 sponsors spend more than $1 million a year with Live Nation.