Shares of iHeartMedia (IHRT) jumped Thursday after a strong earnings report by the radio station giant hit all the right notes with investors.
iHeartMedia rose 1.78% to $13.70 after the company, which just emerged from bankruptcy court protection last month, reported a significant revenue increase driven largely by a big bump in digital revenue, including a growing lineup of podcasts.
The radio giant, which has 850 broadcast stations across the United States, notched a 2.4% increase in revenue during the second quarter, hitting $913.3 million, the company said.
Excluding last year's big revenue bump from political ads that ran during the 2018 mid-term elections, revenue for the quarter rose nearly 4%.
Operating income edged up 0.2% to $181.6 million during the quarter from the same period in 2018, iHeartMedia said.
Rich Bressler, iHeart's president, CEO and chief operatig officer noted in a press statement that the "restructuring process," which helped the company shed billions in debt, "resulted in a capital structure that matches our successful operating business."
A 32.8% jump in digital revenue helped power the overall increase in cash flowing into iHeartMedia's coffers, company executives said.
iHeartMedia's growing lineup of podcasts was a particular bright spot, the company said, citing 277% growth, year over year, in its monthly podcast audience and a tripling over the past year in the number of listeners.
IHeartMedia also recently announced plans to launch a new program - "Sunday Night Podcasts" - across more than a quarter of its stations.
"iHeartMedia's increased revenue and overall positive financial performance reflects the resilience and growth of our businesses and the value of our recent investments, particularly in podcasting and data and analytics," Bressler said.