What was the biggest thorn in Townsquare Media‘s third quarter?
That was the recurring reason company Chairman/CEO Steven Price gave for Q3 results that missed the company’s own projections, as net income dipped 3.6%, from $16.5 million (60 cents per diluted share) to $15.9 million (58 cents).
That may seem like bad news for the media, entertainment event, and digital marketing company. However, when adjusted for one-time gains and costs, net income increased from $10.3 million (37 cents per share) to $18.3 million (67 cents per share).
The result: Townsquare met the average estimate of four analysts surveyed by Zacks Investment Research.
Where did Townsquare suffer in Q3?
Net revenue improvements fell short of the consensus estimate of three analysts queried at Zacks, rising from $129.6 million to $165.8 million. The analysts surveyed by Zacks expected revenue of $172 million.