Audacy Share Pop On Q4 Beat Led By Digital, Spot Radio Momentum

• Audacy Inc (NYSE:AUD) reported fourth-quarter FY21 revenue growth of 8% year-on-year to $344.7 million, beating the consensus of $342.4 million.
• Core spot revenues were $218.4 million, up 10% Y/Y. Digital revenues were $68.1 million, up 16% Y/Y.
• Operating income for the quarter was $48.1 million, against an operating loss of $(204.8) million a year back.
• EPS of $0.16 beat the consensus of $0.13.
• Audacy held $59.4 million in cash and equivalents.
• David J. Field, the CEO, stated: "Audacy's fourth-quarter revenues grew 8% over the prior year, 13% ex-political, led by double-digit growth in both digital and spot radio. Pandemic recovery continued as an increasing number of disrupted advertisers resumed spending."
• Price Action: AUD shares traded higher by 23.9% at $2.52 on the last check Wednesday.