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Live Nation 3Q profit drops, revenue rises

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November 5, 2013 08:16 PM EST | AP


LOS ANGELES (AP) — Concert promoter and ticket-seller Live Nation Entertainment Inc. said Tuesday that its third-quarter profit fell despite a record summer, as a charge for extinguishing debt offset gains in concert revenue and attendance.

Net income in the three months through Sept. 30 fell to $43.8 million, or 22 cents per share, from $57.9 million, or 31 cents per share, a year ago. The latest quarter had a $36.3 million charge for extinguishment of debt.

Revenue rose 15 percent to $2.26 billion from $1.96 billion a year ago.

Concert attendance rose 27 percent to 21.2 million compared to a year ago, while concert revenue rose 21 percent to $1.73 billion.

In its ticket-selling business, the gross transaction value of tickets sold grew 7 percent to $2.23 billion. Revenue from ticketing rose 3 percent to $356.8 million.

Live Nation's shares fell 51 cents, or 2.6 percent, to $18.89 in after-hours trading following the release of results. In the regular session, shares dropped 22 cents or 1.1 percent, to close at $19.40.