Nielsen Second Quarter Total Revs Down 1.2% to $1.628B
|RADIO ONLINE | Wednesday, July 31, 2019|
Nielsen Holdings, parent of Nielsen Audio, reported second quarter total revenues of $1.628 billion, down 1.2% over 2018 totals. Audience Measurement revenues increased 3.5% from the prior-year quarter, driven by continued client adoption of its Total Audience Measurement system, partly offset by pressure in local television measurement. Adjusted net earnings gained 12.8% to 53 cents per share over the year-ago period.
The company posted a gross margin of 57.1%, down 50 basis points (bps) from 2018. Nielsen's operating expenses, namely selling, general and administrative, were $483 million, down 2.2%. Adjusted EBITDA was $470 million, increasing 0.4% from the prior-year level. Also, adjusted EBITDA margin expanded 45 bps to 28.9% as productivity initiatives were offset by investments in growth initiatives.
Looking ahead, management reiterated its full-year 2019 guidance for revenues but increased the same for adjusted earnings per share. It expects total revenues to be approximately $6.4 billion on a constant-currency basis. Adjusted earnings per share are now expected in the range of $1.70-1.80 versus $1.63-1.77 projected earlier. The company expects free cash flow in the range of $525-$575 million.