Live Nation Q2 Earnings: Revenue Beat, EPS Miss, Fans 'Buying Tickets At All Price Points'

Author: Adam Eckert | July 30, 2024 05:12pm

Live Nation Entertainment Inc (NYSE:LYV) reported mixed second-quarter financial results after the market close on Tuesday. Here’s everything you need to know from the report.

• Q2 Revenue: $6.023 billion, versus estimates of $6.018 billion

• Q2 EPS: $1.03, versus estimates of $1.06

Total revenues were up 7% on a year-over-year basis. Operating income climbed 21% to $466 million.

Live Nation said 39 million fans attended Live Nation concerts globally during the quarter, up 5% year-over-year. The company has now sold 183 million fee-bearing tickets year-to-date, up 3%. Onsite sponsorship from operated venues and festivals is up 28% year-to-date.

“We continue to see strong demand globally, with a growing variety of shows attracting both casual and diehard fans who are buying tickets at all price points, which speaks to the unique experience only live concerts can provide. Venue Nation’s strategic investments in hospitality and infrastructure are driving strong returns as more attendees maximize their onsite experiences,” said Michael Rapino, president and CEO of Live Nation.

“While operating income will be impacted negatively by one-time accruals, we are on track to deliver double-digit AOI growth for the year and look forward to a very busy 2025.” 

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Live Nation noted it generated $1.4 billion in cash from operating activities, and $635 million in adjusted free cash flow year-to-date. The company said it ended the quarter with $6.4 billion in cash and cash equivalents.

Live Nation is a live entertainment company comprised of Ticketmaster, Live Nation Concerts and Live Nation Media & Sponsorship. 

LYV Price Action: Live Nation shares were down 3.30% after hours at $91.50 at the time of publication Tuesday, according to Benzinga Pro.

Photo: Shutterstock.

Posted In: LYV