iHeartMedia Q2 revenue beats estimates
Overview
iHeartMedia Q2 revenue up 0.5%, beating analyst expectations, per LSEG data
Adjusted EBITDA for Q2 rises 3.9% to $156 mln, beating analyst expectations, per LSEG data
Digital Audio Group revenue up 13% driven by 28% growth in podcast revenue
Outlook
Company expects Q3 consolidated revenue to decline low-single digits
iHeartMedia anticipates Q3 revenue excluding political to rise low-single digits
Company forecasts Q3 adjusted EBITDA between $180 mln and $220 mln
Result Drivers
DIGITAL AUDIO GROWTH - Digital Audio Group revenue rose 13% driven by increased demand for digital and podcast advertising
MULTIPLATFORM DECLINE - Multiplatform Group revenue fell 5.4% due to decreased broadcast advertising amid uncertain market conditions
COST SAVINGS - SG&A expenses decreased 4.3% due to cost-saving initiatives, including reduced employee compensation costs
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Beat | $934 mln | $912.40 mln (4 Analysts) |
Q2 Adjusted EBITDA | Beat | $156 mln | $151.60 mln (3 Analysts) |
Q2 Free Cash Flow |
| -$13 mln |
|
Q2 Operating Income |
| $35 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the broadcasting peer group is "hold"
Wall Street's median 12-month price target for iHeartMedia Inc is $1.58, about 1.6% below its August 8 closing price of $1.60
Press Release: ID:nBwc6MsWga
