Overview

* Townsquare Q2 revenue fell 2.3% yr/yr but beat analyst expectations

* Adjusted EPS for Q2 beat consensus, reflecting strong operational performance

* Company repurchased $10 mln of debt in Q2, focusing on leverage reduction

Outlook

* Company sees Q3 net revenue between $106.5 mln and $108.5 mln

* Company expects Q3 Adjusted EBITDA between $22.0 mln and $23.0 mln

* Townsquare Media ( TSQ ) forecasts full-year net revenue of $435 mln to $440 mln

* Company anticipates full-year Adjusted EBITDA of $90 mln to $94 mln

Result Drivers

* DIGITAL GROWTH - Digital segments drove growth with Digital Advertising revenue up 2.4% and Subscription Digital Marketing Solutions revenue up 1.4%

* BROADCAST DECLINE - Broadcast Advertising revenue fell 9.2% due to reduced client advertising purchases

* DEBT REDUCTION - Repurchased $10 mln of debt in Q2, enhancing financial flexibility

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Beat $115.45 $114.80

Revenue mln mln (2

Analysts

)

Q2 Beat $0.22 $0.2 (2

Adjusted Analysts

EPS )

Q2 EPS $0.09

Q2 Net $2.01

Income mln

Q2 $21.05

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the advertising & marketing peer group is "buy."

* Wall Street's median 12-month price target for Townsquare Media Inc ( TSQ ) is $17.00, about 59.3% above its August 5 closing price of $6.92

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

Press Release:

(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.)