Live Nation reported a loss of -16 cents a share in the first quarter, beating to Capital IQ Consensus Estimate of a loss of -36 cents a share by 20 cents. Revenue grew 22.3% to $1.123 billion for the quarter. Analysts expected revenue of $963.8 million for the quarter.
"Our Concerts division delivered revenue of $663 million in the first quarter of 2014, an increase of 29% over the same period in 2013," president and CEO Michael Rapino said in a press release. "This strong revenue growth was driven primarily by more arena events which drove improvements in AOI of 80% and in operating income of 15%. Tickets sold through May 2 of this year for all events in 2014 are up 5% year-on-year."
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TheStreet Ratings team rates LIVE NATION ENTERTAINMENT as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate LIVE NATION ENTERTAINMENT (LYV) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including poor profit margins and weak operating cash flow."