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Earnings Results: Endeavor revenue tops Street view, earnings outlook hiked

Endeavor Group Holdings Inc. shares recovered from an initial drop in the extended session Thursday after the sports and entertainment company reported revenue that topped Wall Street expectations, and hiked the outlook on one of its earnings metrics.

 parent company of the William Morris and IMG agencies as well as UFC, reported second-quarter net income of $25.8 million, or 9 cents a share, versus a loss of $319.6 million, or $1.24 a share, in the year-ago period. The company did not break out adjusted per-share earnings figures.

Rather, the company reported that adjusted earnings before interest, taxes, depreciation and amortization rose to $306.4 million from $168 million in the year-ago period, while a consensus of analysts polled by FactSet had estimated $246.5 million.

Revenue rose to $1.31 billion from $1.11 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast 4 cents a share, or 21 cents a share adjusted, on revenue of $1.21 billion.

Shares, which had initially slipped more than 5% after the release of results, were last down less than 1% at last check. The stock finished Thursday trading down 0.8% at $23.86.

“We benefited from strong growth globally across our segments in the second quarter,” said Ariel Emanuel, Endeavor’s chief executive, in a statement. “While we recognize there are broader macroeconomic forces at play, given the quarter’s performance and our line of sight through the end of the year, we’ve once again raised our adjusted EBITDA guidance.”

The company forecast adjusted EBITDA of $1.13 billion to $1.17 billion, up from a previous range of $1.1 billion to $1.2 billion, while analysts estimate $1.14 billion.

Endeavor also forecast revenue of $5.24 billion to $5.48 billion for the year, while Wall Street expects $5.38 billion.

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