iHeartMEDIA - wide

Second quarter earnings season for radio doesn’t begin until early August but preliminary results disclosed by the industry’s largest company offer promising signs.

The preliminary unaudited estimates were disclosed in a regulatory filing as iHeartMedia prepares to meet with investors this week ahead of its listing on the NASDAQ stock exchange this Thursday. iHeart received the greenlight for its Class A stock to be listed on the NASDAQ Global Select Market in late June under the ticker “IHRT.”

Q2 2019 revenues at iHeartMedia rose 2.4% to $913 million from $892 million one year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA, a measure of cash flow) increased 3.1% to $263 million from $255 million in Q2 2018. Subtracting political revenue from the equation – last year was a mid-term Congressional election year – iHeart revenues grew 3.8% to $908 million from $875 million in the prior year period.

Monday’s 8-K filing also includes the company’s 2019 full-year guidance. It calls for revenue growth in the low single digits and adjusted earnings margins in the 26%-29% range.

The company notes that the results are impacted by “fresh start accounting adjustments” applied upon the company’s emergence from Chapter 11 bankruptcy on May 1 and may affect the comparability of the estimates.