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.