Tuesday, May 8 will be a busy day for investors in media companies.
As previously announced, broadcast TV station owners TEGNA and Gray Television will each be releasing their Q1 2018 results prior to the Opening Bell on Wall Street on this day.
Add one of the radio industry’s biggest players to the mix.
Entercom Communications announced today that it will report its 2018 first quarter financial results before the market opens on May 8. The radio pure-play that acquired CBS Radio will host a conference call at 9am Eastern that morning to review the results.
Entercom shares were trading at $10.30 per share with some 10 minutes remaining in Tuesday’s trading session.
That’s $1 higher than a recent low seen on March 23, as Entercom fell to its lowest value since September 2014.
What does President/CEO David Field expect for Entercom in Q1?
“It’s impacted by a few factors,” he said during his company’s Q4 2017 conference call with financial analysts, explaining that the company was pacing down 3% in Q1.
Some of the changes designed to improve long-term performance “actually dampened” performance in the short term, Field noted.
For example, six format changes — three in Top 5 markets — were seen by Entercom following the CBS Radio merger. This results in a dip in advertising, as the new format settles in and begins to attract a solid client base.
Tepid ad sales under CBS Radio leadership in the final months prior to Entercom taking over are also a factor, Field said.
Q2 2018 was looking a bit better, although slightly down at this time, he added.