Audacy Clocks 14% Revenue Growth In Q1, Lags Consensus

Audacy AUD reported first-quarter FY22 revenue growth of 14% year-on-year to $275.3 million, missing the consensus of $279.1 million.
Core spot revenues were $173.9 million, up 14% Y/Y. Digital revenues were $58 million, up 16% Y/Y.
Operating income for the quarter was $8.5 million, against an operating loss of $(8.2) million a year back.
EPS loss of $(0.08) beat the consensus loss of $(0.09).
Adjusted EBITDA was $26.0 million, up 152% Y/Y
Audacy held $38 million in cash and equivalents.
CEO David J. Field stated: "I am pleased to report that Audacy posted strong first-quarter results, delivering 152% growth in Adjusted EBITDA led by double-digit revenue growth in both digital and spot radio."
Price Action: AUD shares traded lower by 7.24% at $2.05 on the last check Monday.

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