Losses Narrow for Live NationMonday, February 24, 2014
Live Nation Entertainment Inc. on Monday reported a smaller fourth-quarter operating loss as revenue from concerts and other business segments offset lower revenue at its Artist Nation management business.
After the markets closed, the Beverly Hills concert promoter reported an operating loss of $51 million, compared with a loss of $126 million in the same period a year earlier. Excluding items such as stock-based compensation, depreciation and amortization, adjusted operating earnings rose 14 percent to $71.3 million.
Revenue rose 12 percent to $1.61 billion, with concert revenue up 18 percent to $1.08 billion, and sponsorship and advertising revenue rising15 percent. Artist Nation revenue fell more than 9 percent. Analysts surveyed by Thomson Reuters on average expected total revenue of $1.46 billion
The company said its full-year net loss was $43.4 million (22 cents a share), compared with a net loss of $163 million (-87 cents) the year before.
Shares earlier closed up 3 cents, or less than 1 percent, to $21.85 on the New York Stock Exchange.