Entercom Quarter is "Good Enough" For Ryvicker
Even though Q3 revenue for Entercom came in lower that her expectations, respected analyst Marci Ryvicker says Entercom's results are acceptable. "The quarter was somewhat mixed but we would characterize results as ''good enough'', especially in this environment." The environment Ryvicker may be referring to is a lackluster economy as everyone is very much in wait-and-see mode as the presidential election comes down to its final two weeks.
More on what the Wells Fargo analyst thought of Entercom's Q3 performance. "Not suprising given what we have heard from other operators, political revenue is coming in below previous election years. In Q4, this is expected to be around $4MM (below our $4.5MM expectation). Q4 pacings sound good. Currently, Q4 is pacing up 6% with October pacings significantly higher, while November and December are up but at a slower pace. Mr. Field stressed that local is up nicely in each of the three months in Q4. Too early to talk about 2013. While Mr. Field did say the company is 'optimistic' for 2013, he was very clear that it is too early to start thinking tangibly about 2013 revenue trends. While ETM has been engaged in M&A in the past it doesn't sound like there is anything coming up in the foreseeable future."