Overview

* Stingray fiscal Q2 revenue grows 21% yr/yr, beating analyst expectations

* Adjusted EBITDA for fiscal Q2 beats analyst expectations

* Company announces acquisition of TuneIn Holdings to expand digital audio footprint

Outlook

* Stingray did not provide specific financial guidance for future quarters or full year in press release

Result Drivers

* FAST CHANNEL SALES - Stingray attributes revenue growth to increased FAST channel sales

* SINGING MACHINE ACQUISITION - Higher equipment sales linked to acquisition of The Singing Machine

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat C$113.30 C$107.60

Revenue mln mln (5

Analysts

)

Q2 Beat C$0.32 C$0.31

Adjusted (5

EPS Analysts

)

Q2 C$21.90

Adjusted mln

Net

Income

Q2 Net C$11.80

Income mln

Q2 Beat C$39.50 C$38.50

Adjusted mln mln (6

EBITDA Analysts

)

Q2 C$24.30

Operatin mln

g Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the broadcasting peer group is "hold."

* Wall Street's median 12-month price target for Stingray Group Inc ( STGYF ) is C$13.25, about 16% above its November 10 closing price of C$11.13

* The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)