Entravision’s second quarter net revenue increases 24% to $221.7 million
Entravision Communications said second-quarter net revenue increased 24% to $221.7 million from $178.4 million in 2021. Of the overall increase, $44.2 million was attributable to its digital segment and are mainly due to the growth of advertising revenues from its digital commercial partnerships activities and the acquisitions of MediaDonuts. and 365 Digital in the third and fourth quarters of 2021, respectively. The company reported net income of $10.3 million, down 22% from $13.2 million a year earlier.
“The second quarter marked another impressive performance for Entravision, with net revenues totaling $221.7 million, up 24% from the prior year quarter. Year-to-date, revenue grew even more significantly and was up 28% compared to the first half of 2021,” said Chairman and CEO Walter Ulloa. “Strength in the quarter was largely driven by growth in our digital segment, where revenue grew 34% year-over-year. Our audio segment also contributed to the quarterly revenue increase. Of particular note is that political ad spending was very strong during the second quarter.”
Ulloa continued, “Entravision is well positioned for continued growth. Our strong balance sheet and exceptional global team of industry-leading digital media and sales professionals provide us with the keys to success. At the same time, our continued focus on expense management is helping to drive our EBITDA, free cash flow and ability to deliver consistent returns to shareholders.”
The company also announced that its board of directors had approved a quarterly cash dividend to shareholders of $0.025 per share on the company’s Class A, Class B and Class U common stock in the amount of 2 .1 million. The quarterly dividend will be payable on September 30, 2022 to shareholders of record at the close of business on September 15, 2022, and the common shares will trade ex-dividend on September 14.
During the second quarter, the company repurchased $4.1 million of its Class A common stock. At the end of the second quarter of 2022, the company repurchased a total of $11.3 million of common stock of Class A under its $20 million share buyback program.