The Greenwich, Connecticut-based company said it had net income of 34 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 36 cents per share.
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| Dhruv Prasad |
"We are pleased to announce another strong quarter at Townsquare, our fourth since Bill Wilson and I started our partnership as Co-Chief Executive Officers one year ago," commented Dhruv Prasad, Co-Chief Executive Officer of Townsquare.
"We implemented a strategic plan focused on the stability and profitable growth of Townsquare's local branded media, marketing solutions, and live events businesses, and that plan has helped yield three consecutive quarters of revenue and EBITDA growth so far in 2018."
"Our third quarter results were at the top end of our previously issued guidance and are reflective of the strong performance we have generated with our 'local first' strategy," commented Bill Wilson, Co-Chief Executive Officer of Townsquare.
"Net revenue increased 1.9% and Adjusted EBITDA increased 6.9% in the third quarter, driven by the continued impressive growth of our digital businesses, particularly Townsquare Interactive and Townsquare Ignite."
Third Quarter Highlights
As compared to the third quarter of 2017 on a GAAP basis:
- Net revenue increased 1.9%, and 9.5% excluding live events net revenue
- Adjusted EBITDA increased 6.9%
- Townsquare Interactive net revenue increased 22.9%
As compared to the nine months ended September 30, 2017:
- Net revenue increased 2.4%, and 6.5% excluding live events net revenue
- Net revenue increased 1.4% excluding political revenu
- Adjusted EBITDA increased 6.7%
- Townsquare Interactive net revenue increased 18.8%
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