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LOS ANGELES - Concert promoter Live Nation Inc. said Thursday its third-quarter profit more than tripled to $139.9 million on strong performances across most of its operations and the gain from selling its motor sports division.
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The company said it earned $1.67 per share, up from a profit of $41.6 million, or 55 cents per share, during the same period last year. Earnings from continuing operations--which excludes results from businesses that have been, or are in the process of being sold--totaled $118.2 million, or $1.41 per share.
Live Nation booked a gain of $167.6 million from selling its motor sports division, which it used to repay debt.
Revenue rose 9 percent to $1.59 billion, from $1.45 billion, a year ago.
Analysts surveyed by Thomson Reuters were expecting a profit of 47 cents per share on revenue of $1.62 billion.
The number of concerts put on by Live Nation in the quarter rose 17 percent to 4,839, and total attendance rose 5.7 percent to 17.5 million.
Revenue for North American music increased 10 percent to $864 million, and revenue from international music jumped 44 percent to $480.7 million.
Live Nation shares rose 5 cents to close at $10.09.
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