Live events and entertainment company Live Nation (NYSE: LYV) will be reporting results this Thursday after the bell. Here’s what investors should know.
Live Nation missed analysts’ revenue expectations by 2.8% last quarter, reporting revenues of $3.38 billion, down 11% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates. It reported 11,295 events, flat year on year.
Is Live Nation a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Live Nation’s revenue to grow 12.6% year on year to $6.78 billion, improving from the 7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.02 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 8 downward revisions over the last 30 days (we track 17 analysts). Live Nation has missed Wall Street’s revenue estimates four times over the last two years.
Looking at Live Nation’s peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Hasbro’s revenues decreased 1.5% year on year, beating analysts’ expectations by 11.2%, and Rush Street Interactive reported revenues up 22.2%, topping estimates by 7.6%. Hasbro traded down 3.3% following the results while Rush Street Interactive was up 25.7%.
Read our full analysis of Hasbro’s results here and Rush Street Interactive’s results here.
Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.6% on average over the last month. Live Nation is up 1.5% during the same time and is heading into earnings with an average analyst price target of $164.86 (compared to the current share price of $149.67).
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