Entercom Communications (ETM) Misses Q3 EPS by 1c, Slight Beat on Revenues

Entercom Communications (NYSE: ETM) reported Q3 EPS of $0.26, $0.01 worse than the analyst estimate of $0.27. Revenue for the quarter came in at $378.5 million versus the consensus estimate of $378 million.

• Net revenues for the quarter were $378.5 million, compared to $122.3 million in the third quarter of 2017. On a same-station basis, net revenues for the quarter were $378.5 million compared to $395.2 million in the third quarter of 2017
• Total operating expense for the quarter was $299.8 million, compared to $108.8 million in the third quarter of 2017
• Total same-station cash expense for the quarter was $291.8 million, a decrease of 4.5% compared to $305.5 million in the third quarter of 2017
• Operating income for the quarter was $78.7 million, compared to $13.5 million in the third quarter of 2017
• Net income per diluted share for the quarter was $0.26, compared to $0.09 in the third quarter of 2017
• Pro Forma Adjusted EBITDA for the quarter was $86.7 million, compared to $89.7 million in the third quarter of 2017

David J. Field, President and Chief Executive Officer, stated: “As we close in on the one year anniversary of our transformational merger with CBS Radio, we are very pleased with our progress and excited about the momentum we are building across multiple growth initiatives. Revenues have improved significantly since the first half of the year and the fourth quarter is on track for significant growth, currently pacing up 4%. Expenses are down significantly, driven by synergies, and we anticipate solid double digit EBITDA growth in the fourth quarter. In addition, we have now completed all of our previously announced divestitures and land sales, generating roughly $200 million in cash proceeds.”

For earnings history and earnings-related data on Entercom Communications (ETM) click here.

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