Global media and entertainment company iHeartMedia (NASDAQ: IHRT) will be announcing earnings results tomorrow after market hours. Here’s what to expect.
iHeartMedia missed analysts’ revenue expectations by 4.1% last quarter, reporting revenues of $1.12 billion, up 4.8% year on year. It was a slower quarter for the company, with a miss of analysts’ Digital Audio revenue estimates and a significant miss of analysts’ adjusted operating income estimates.
Is iHeartMedia a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting iHeartMedia’s revenue to decline 1.6% year on year to $786.4 million, in line with the 1.5% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. iHeartMedia has missed Wall Street’s revenue estimates twice over the last two years.
Looking at iHeartMedia’s peers in the broadcasting segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Gray Television’s revenues decreased 5% year on year, beating analysts’ expectations by 1.1%, and TEGNA reported a revenue decline of 4.8%, in line with consensus estimates. Gray Television traded up 13.9% following the results while TEGNA was also up 2.5%.
Read our full analysis of Gray Television’s results here and TEGNA’s results here.
There has been positive sentiment among investors in the broadcasting segment, with share prices up 9% on average over the last month. iHeartMedia is up 10.9% during the same time and is heading into earnings with an average analyst price target of $2.83 (compared to the current share price of $1.22).
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