06:38 AM EST, 11/12/2024 (MT Newswires) -- Live Nation Entertainment ( LYV ) is seeing strong demand in the current quarter and into 2025 for its Ticketmaster sales segment, with shares driving higher early Tuesday after it reported mixed third-quarter results.

Concerts in large venues are up by double digits in early November versus the same period last year and stadium events are up by double digits versus 2022, the company said in a statement late Monday.

"We're expecting that great stadium and arena pipeline to start to manifest itself in Q4 and deliver a very strong Q4 in Ticketmaster next week alone," Chief Financial Officer Joe Berchtold said during an earnings call, according to a Capital IQ transcript. The company is seeing an "unprecedented level of activity" for Ticketmaster in the ongoing three-month period and expects the trend to continue into 2025, Berchtold told analysts.

In the September quarter, net income slowed to $1.66 per share from $1.93 the year before, but that still topped the Capital IQ-polled consensus of $1.60. Direct operating expenses contracted to $5.78 billion from nearly $6.3 billion. The stock rose more than 6% premarket.

Revenue declined 6% to $7.65 billion, missing the Street's view for $7.81 billion. Concert revenue fell to $6.58 billion from $6.97 billion in the 2023 quarter, while ticketing sales dropped 17% to $693.7 million. Revenue from sponsorship and advertising increased 6% to $390.3 million. Overall adjusted operating income improved 4% to $909.8 million.

"We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating," Chief Executive Michael Rapino said in a statement. "While operating income will be impacted by one-time accruals, we are pacing toward double-digit (adjusted operating income) growth this year."

Tickets sold worldwide in September and October climbed 20% on a yearly basis. The company sold 144 million tickets for Live Nation concerts through October, representing a gain of 3%. October transacted ticket sales for Ticketmaster were up 15% on all ticket volume, and climbed 23% for concert events.

For 2024, the company now anticipates capital expenditures of $700 million, up from its previous projection of $650 million, including the recent addition of an amphitheater project.

Price: 131.52, Change: +7.72, Percent Change: +6.24