Entercom Communications (ETM) Tops Q3 EPS by 4c

Entercom Communications (NYSE: ETM) reported Q3 EPS of $0.32, $0.04 better than the analyst estimate of $0.28. Revenue for the quarter came in at $386.1 million versus the consensus estimate of $382.89 million.

Third Quarter Highlights

Net revenues for the quarter were $386.1 million, up 2.0% compared to $378.5 million in the third quarter of 2018
Operating income for the quarter was $79.5 million, compared to $78.7 million in the third quarter of 2018
Adjusted EBITDA for the quarter was $98.0 million, up 13% compared to $86.7 million in the third quarter of 2018
Net income per diluted share for the quarter was $0.28, compared to $0.26 per diluted share in the third quarter of 2018
Adjusted net income per diluted share for the quarter was $0.32, up 23% compared to $0.26 per diluted share in the third quarter of 2018

“I am pleased to report that Entercom delivered strong organic growth in the third quarter with Adjusted EBITDA up 13% and Adjusted Net Income Per Share up 23%. Revenues increased 2% (just under 3% ex-political) driven by digital, national and network,” stated David Field, Chairman, President and Chief Executive Officer, Entercom. “In October, we announced the launch of DVR-like functionality for live radio on our RADIO.COM app, becoming the first company to offer that important product feature. This new feature and our recent acquisitions of podcasters Cadence 13 and Pineapple Street Studios highlight the multiple ways we are working to enhance our product line and grow our relationships with our listeners and customers.”

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

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