Endeavor posts surprise Q3 loss, raises guidance

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Shares of Endeavor Group Holdings Inc. EDR, +4.77% wavered between gains and losses in extended trading Thursday after the sports and entertainment company reported a surprise quarterly loss and revenue that was in line with expectations, but tweaked higher its expectations for the year. Endeavor said it lost $12.5 million, or 4 cents a share, swinging from a profit of $63.6 million, or 16 cents a share, in the year-ago period. Revenue fell to $1.22 billion from $1.39 billion a year ago. FactSet consensus expected GAAP earnings 8 cents a share on sales of $1.24 billion. The stock fell immediately after the report but at last check was up nearly 6%. Endeavor said that due to “continued strength across the business and good line of sight through the end of the year” it increased its adjusted EBITDA guidance for the year to a range between $1.145 billion and $1.175 billion, up $10 million from the midpoint of the previous range. It expects revenue to be between $5.235 billion and $5.325 billion for the year. “Our business performed well in the quarter despite a turbulent macroeconomic environment,” Chief Executive Ariel Emanuel said in a statement. “Given our unique positioning relative to a set of highly resilient secular industry trends across premium sports and entertainment content and live events, we remain confident in our ability to continue delivering on our long-term growth strategy while also being good stewards of capital.” Endeavor ended the regular trading day up 4.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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