Townsquare (TSQ) Q4 Earnings In Line, Revenues Beat Estimates
Zacks Investment Research | Mar 12, 2019 10:01PM ET
Townsquare Media (NYSE:TSQ) reported fourth-quarter 2018 adjusted earnings of 26 cents per share, which surged 36.8% from the year-ago quarter. However, the figure was in line with the Zacks Consensus Estimate.
Pro forma revenues of $109 million increased 9.7% year over year and beat the consensus mark of $105 million. The pro forma figure includes revenue contribution from three radio stations in Princeton, NJ, which were acquired on Jul 2, 2018.
Moreover, excluding political revenues, net revenues increased 5.2% to $103.3 million. Political revenues (6.1% of advertising revenues) were $5.7 million compared with $1.2 million in the year-ago quarter.
Quarter Details
The year-over-year growth in revenues was driven by 9.9% increase in advertising revenues (85.4% of revenues) that totaled $93.1 million. The advertising business primarily comprises broadcast and digital advertising.
Townsquare’s stable broadcast business was a strong growth driver. The company’s investments in local business, including content, management and sales talent, increased broadcast revenues by 10%.
Moreover, partnership with Analytic Owl enabled Townsquare to provide valuable data to advertisers that helped them target the right audience.
Townsquare stated that clients connected to its attribution platform saw, on average, a 35% increase in new visitors to their websites in 2018.
Townsquare Media, Inc. Price, Consensus and EPS Surprise
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