Global media and entertainment company iHeartMedia (NASDAQ: IHRT) will be reporting earnings this Monday afternoon. Here’s what you need to know.
iHeartMedia beat analysts’ revenue expectations last quarter, reporting revenues of $1.13 billion, flat year on year. It was a softer quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EPS estimates.
Is iHeartMedia a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting iHeartMedia’s revenue to grow 7.7% year on year, improving from the 1% increase it recorded in the same quarter last year.
The majority of analysts covering the company have 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 multiple times over the last two years.
Looking at iHeartMedia’s peers in the consumer discretionary - broadcasting segment, some have already reported their Q1 results, giving us a hint as to what we can expect. E.W. Scripps’s revenues decreased 1.4% year on year, meeting analysts’ expectations, and Paramount reported revenues up 2.2%, topping estimates by 1%. E.W. Scripps traded down 3.1% following the results while Paramount was also down 4.1%.
Read our full analysis of E.W. Scripps’s results here and Paramount’s results here.
There has been positive sentiment among investors in the consumer discretionary - broadcasting segment, with share prices up 5% on average over the last month. iHeartMedia is up 65.5% during the same time and is heading into earnings with an average analyst price target of $3.13 (compared to the current share price of $5.96).
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