Live Nation Entertainment Inc. reported sales that beat analysts’ estimates after the company’s summer concert tours drew a record attendance.
Sales climbed 15 percent to $2.26 billion in the three months ended in September, Beverly Hills, California-based Live Nation said today in a statement. That surpassed the $2.09 billion average estimate of analysts, according to data compiled by Bloomberg.
Concert attendance worldwide jumped 27 percent in the period to 21.2 million guests. Events in this period included the Jay-Z and Justin Timberlake “Legends of the Summer Stadium Tour.” The higher attendance led to revenue gains in Live Nation’s sponsorship division and Ticketmaster unit.
“Consumer demand has come back strong for us this year, as we have had attendance growth across concerts globally, from new artists to the legends and everyone in between,” Michael Rapino, president and chief executive officer, said in a statement.
Net income fell 24 percent to $43.8 million, or 22 cents a share, from $57.9 million, or 31 cents, a year ago, Live Nation said. That beat the 14 cents per share analysts estimated on average. The results included a $36.3 million charge on extinguishment of debt.
Live Nation fell 1.1 percent to $19.40 at the close of trading in New York. The stock has more than doubled this year.