Entercom Communications Q3 Profit Surges - Quick Facts

(RTTNews) - Entercom Communications Corp. (ETM) on Tuesday reported a surge in profit for the third quarter from last year on strong revenue growth and lower expenses.

Third-quarter net income available to common shareholders for the quarter were $36.95 million or $0.26 per share from $3.44 million or $0.09 per share in the year-ago period.

The latest quarter's results include merger and acquisition costs of $697 thousand, compared to $8.83 million last year.

Excluding items, adjusted earnings for the quarter were $0.26, compared to $0.24 per share in the prior-year period. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter grew to $378.5 million from $122.3 million in the prior-year quarter. On a same-station basis, net revenues were $378.5 million, compared to $395.2 million last year.