Overview
iHeartMedia Q3 revenue down 1.1% (Excluding Q3 Political Revenue, Q3 Revenue up 2.8%), beats analyst expectations
Adjusted EBITDA for Q3 beats consensus, remaining flat year-over-year
Company reports GAAP operating loss due to $209 mln non-cash impairment charges
Outlook
iHeartMedia expects Q4 consolidated revenue to decline low-single digits
Q4 Consolidated Revenue excluding the impact of Political expected to increase in the mid-single digits
iHeartMedia projects Q4 Adjusted EBITDA between $200 mln and $240 mln
Result Drivers
DIGITAL AUDIO GROWTH - Digital Audio Group revenue up 13.5% driven by increased demand for digital and podcast advertising
MULTIPLATFORM DECLINE - Multiplatform Group revenue down 4.6% due to lower political revenues and decreased broadcast advertising
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $997 mln | $980.05 mln (4 Analysts) |
Q3 Adjusted EBITDA | Beat | $205 mln | $200.47 mln (4 Analysts) |
Q3 Free Cash Flow | -$33 mln | ||
Q3 Operating Income | -$116 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 "buy."
Wall Street's median 12-month price target for iHeartMedia Inc is $2.13, about 117.9% below its November 7 closing price of $4.63
Press Release: ID:nBw87BY5Xa
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)