Live Nation Entertainment Inc (LYV) has reported a 24.74 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $111.08 million, or $0.49 a share in the quarter, compared with $89.05 million, or $0.38 a share for the same period last year.
Revenue during the quarter grew 20.87 percent to $3,170.42 million from $2,622.92 million in the previous year period. Total expenses were 93.97 percent of quarterly revenues, down from 94.15 percent for the same period last year. This has led to an improvement of 18 basis points in operating margin to 6.03 percent.
Operating income for the quarter was $191.29 million, compared with $153.51 million in the previous year period.
However, the adjusted operating income for the quarter stood at $302.80 million compared to $265.60 million in the prior year period.
Operating cash flow turns positive
Live Nation Entertainment Inc has generated cash of $119.52 million from operating activities during the nine month period as against cash outgo of $14.92 million in the last year period.
The company has spent $260.17 million cash to meet investing activities during the nine month period as against cash outgo of $227.12 million in the last year period.
The company has spent $109.70 million cash to carry out financing activities during the nine month period as against cash outgo of $33.45 million in the last year period.
Cash and cash equivalents stood at $1,039.71 million as on Sep. 30, 2016, down 2.04 percent or $21.68 million from $1,061.38 million on Sep. 30, 2015.
Working capital declines
Live Nation Entertainment Inc has witnessed a decline in the working capital over the last year. It stood at $126.21 million as at Sep. 30, 2016, down 23.43 percent or $38.62 million from $164.83 million on Sep. 30, 2015. Current ratio was at 1.06 as on Sep. 30, 2016, down from 1.08 on Sep. 30, 2015.
Days sales outstanding went down to 19 days for the quarter compared with 20 days for the same period last year.
Debt remains almost stable
Total debt of Live Nation Entertainment Inc remained almost stable for the quarter at $2,031.20 million, when compared with the last year period. Total debt was 31.65 percent of total assets as on Sep. 30, 2016, compared with 32.50 percent on Sep. 30, 2015. Debt to equity ratio was at 1.34 as on Sep. 30, 2016, up from 1.32 as on Sep. 30, 2015. Interest coverage ratio improved to 7.58 for the quarter from 5.94 for the same period last year.
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