Entercom Reiterates First-Quarter Guidance
Entercom Communications (ETM) said on Tuesday that it expects to meet its previous financial guidance for the first quarter.
In March, the radio station owner said it would post a loss of about 5 cents a share for the period, the number analysts currently have as their consensus estimate.
Shares of Entercom, which is based in Bala Cynwyd, Pa., gained $1.71, or 4.3%, to $41.97 in recent New York Stock Exchange trading.The company said it now expects to report first-quarter revenue of about $70 million, with broadcast cash flow of $23 million and after-tax cash flow of $15 million, or 33 cents a share. For the second quarter, the company expects revenue of $97 million, with broadcast cash flow of $41 million and after-tax cash flow of $26 million, or 57 cents a share.
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