Townsquare, Saga Report Earnings

Townsquare Media has just released its first-quarter earnings report for 2024. Here are the key details:

Digital comprised 53% of first-quarter total net revenue and adjusted operating income, the company announced Thursday, noting that it also saw improvement in Broadcast Advertising versus the fourth quarter of 2023, and that its Digital Advertising and Subscription Digital Marketing Solutions segments returned to growth.

Earnings Per Share (EPS): Townsquare Media reported earnings per share of 3 cents for Q1 2024. This figure fell short of the analyst estimate, which was expected to be 5 cents per share1.

Revenue: The company’s revenue for the first quarter of 2024 was $99.63 million. This exceeded the analyst estimate, which projected revenue of $98.64 million1.

Adjusted Earnings: When adjusted for non-recurring gains, the earnings per share came to 3 cents2.

Overall, while Townsquare Media missed the EPS estimate, it managed to beat revenue expectations in Q1 2024. The company continues to navigate the dynamic media landscape, and investors will be closely monitoring its performance

Saga Communications’ Q1 Revenue Falls 2.5%

First quarter 2024 operating results for Saga Communications reveal net revenue of $24.7 million, a decline of 2.5% from the first quarter of 2023. The company reports a net loss of $1.6 million during the first quarter compared to the net income of $920,000 it reported in Q1 of 2023. Saga adds that its balance sheet reflects $28.8 million in cash and short-term investments as of March 31, 2024 and $23.7 million as of May 6, 2024. The company expects to spend approximately $5.0 – $5.5 million for capital expenditures during 2024.