Entravision Revenues Rise For First Quarter 2023
Q1 Results
ENTRAVISION COMMUNICATIONS CORPORATION first quarter 2023 net revenue increased 21% year-over-year to $239 million, with net income attributable to common stockholders up 8% to $2 million, Consolidated EBITDA fell 28% to $13 million. The company’s radio (audio) division saw revenue dip 3% to $12.2 million, with television off 2% to $30.3 million and digital up 28% to $196.5 million. The Board of Directors also approved a quarterly cash dividend of 5 cents/share on Class A and Class U common stock, payable JUNE 30th to shareholders as of JUNE 16th.Interim CEO/CFO CHRIS YOUNG said, “Growth for the quarter was led by our digital segment, which is impressive given difficult macro conditions and decreased political advertising revenue from last year.“With a solid balance sheet in place, strong free cash flow generation, and an acute focus on expense management, ENTRAVISION is well-equipped to navigate the current economic environment. As we progress through additional quarters, we will continue to seek out opportunities, including acquisitions, that will enhance our digital offerings and strengthen our ability to compete internationally.”
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