Entravision Announces Robust Q3, Declares Dividend
| RADIO ONLINE | Thursday, November 7, 2024 | 3:55pm CT |
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 Entravision Communications |
Entravision Communications reported third quarter results for 2024, showcasing a 25% increase in net revenue and a significant realignment of its operating segments. For the quarter, the media and advertising technology company reported net revenues of $97.2 million, up from $77.4 million in the corresponding quarter of the previous year.
CEO Michael Christenson commented on the strong results, attributing the growth to a substantial increase in political advertising revenues and performance enhancements in their programmatic advertising platform, Smadex. He noted, "Our balance sheet remains robust, and our strategic realignments have positioned us to capitalize on market opportunities and deliver enhanced value to our shareholders."
Entravision also announced a quarterly cash dividend of $0.05 per share, payable on December 31, 2024, to shareholders of record as of December 16, 2024. This decision reflects the Board's confidence in the company's financial health and its commitment to returning value to its shareholders.
Financial Highlights:
- Net Revenue: Increased by 25% to $97.2 million in Q3 2024 from $77.4 million in Q3 2023.
- Cost of Revenue: Rose by 25% to $26.8 million, driven by higher digital advertising revenues.
- Operating Expenses: Increased by 30% to $52.7 million due to expansion in news programming and infrastructure costs related to revenue growth.
- Net Income: The company recorded a net loss of $11.98 million in Q3 2024, compared to a net income of $2.7 million in Q3 2023, largely impacted by one-time charges and operational adjustments.
- The company has also reorganized its operational structure into two segments: Media, which includes television, radio, and digital advertising; and Advertising Technology & Services, which comprises their Smadex and Adwake businesses. This strategic pivot is intended to enhance focus on core areas and drive efficiencies across the board.
