Earnings Results: Endeavor revenue tops Street view, earnings outlook hiked

by | Aug 11, 2022 | Stock Market

Endeavor Group Holdings Inc. shares recovered from an initial drop in the extended session Thursday after the sports and entertainment company reported revenue that topped Wall Street expectations, and hiked the outlook on one of its earnings metrics. Endeavor
 parent company of the William Morris and IMG agencies as well as UFC, reported second-quarter net income of $25.8 million, or 9 cents a share, versus a loss of $319.6 million, or $1.24 a share, in the year-ago period. The company did not break out adjusted per-share earnings figures.

Rather, the company reported that adjusted earnings before interest, taxes, depreciation and amortization rose to $306.4 million from $168 million in the year-ago period, while a consensus of analysts polled by FactSet had estimated $246.5 million. Revenue rose to $1.31 billion from $1.11 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast 4 cents a share, or 21 cents a share adjusted, on revenue of $1.21 billion. Shares, which had initially slipped more than 5% after the release of results, were last down less than 1% at last check. The stock finished Thursday trading down 0.8% at $23.86. “We benefited from strong growth globally across our segments in the second quarter,” said Ariel Emanuel, Endeavor’s chief executive, in a statement. “While we recogni …

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