Endeavor Posts Q2 Profit as Sports, Live Events, Talent Representation Units See Gains

variety.com:

Cynthia Littleton Business EditorEndeavor delivered strong second quarter earnings on Thursday with wind at the back of its sports, live events and talent representation operations.The company that is home to UFC, WME and IMG saw year-over year revenue gains at its key units for the quarter as sports and entertainment activity continues to adjust to the post-pandemic new normal.

Strong demand especially for sports and events pushed Endeavor to post net income of $42.2 million on revenue of $1.3 billion, which was up about 18% from the year-ago mark.The upswing prompted Endeavor to slightly adjust its full-year forecast for adjusted earnings before interest taxes, depreciation and amortization to a range of $1.13 billion to $1.17 billion, which is up from the estimate of $1.1 billion to $1.15 billion offered in May with Q1 results.

Revenue guidance stayed the same as the prior quarter at $5.235 billion and $5.475 billion. “We benefited from strong growth globally across our segments in the second quarter,” said Endeavor CEO Ariel Emanuel. “While we recognize there are broader macroeconomic forces at play, given the quarter’s performance and our line of sight through the end of the year, we’ve once again raised our Adjusted EBITDA guidance.

We remain focused on our long-term strategy – leveraging the diversity and scale of our businesses to drive maximum value for our shareholders, our clients and our owned IP.”More to come.