Entravision Q3 Net Revenue Up 14% to $274.4 million

RADIO ONLINE | Thursday, November 2, 2023 | 4:09pm CT

Entravision Communications

Entravision Communications reported third quarter net revenue rose 14% to $274.4 million from $241 million in 2022. Consolidated EBITDA fell 45% to $14.1 million from $25.9 million. Operating cash flow grew 45%, while free cash flow was down 74% to $4 million from $15.4 million. The company posted a net income of $2.7 million (3 cents per diluted share) as compared to net income of $9 million (11 cents) in the year-ago period. Entravision will pay a quarterly cash dividend of $0.05 per share.

"We achieved a record quarterly advertising revenue of $274.4 million, up 14% year-over-year, led by strength in our Digital segment, which now comprises 84% of total revenue," said CFO Chris Young. "We continued to execute on our Digital transformation strategy during the quarter with the signing of two new partnerships with Match and Pinterest to further diversify our portfolio of digital solutions. While non-returning political revenue and sales mix contributed to the year-over-year decline in our Consolidated EBITDA, we anticipate increased political spending ahead of the 2024 elections will benefit our Television and Audio segments and Consolidated EBITDA in the quarters to come."