Beasley Broadcast reports Q2 EPS (1c) vs (35c) last year

Reports Q2 revenue $604M vs $63.5M last year. Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said, “Beasley’s second quarter results highlight the ongoing progress we are making to position the Company for sustainable, profitable growth. The continued success of our digital transformation strategy led to a 10.4% year-over-year increase in same-station second quarter digital revenue, partially offsetting ongoing challenges related to softness in the audio advertising spot market. Digital revenue accounted for nearly 22% of total second quarter revenue, in-line with our full-year 2024 goal of 20% to 25% of total revenue. On the new business front, our dedicated sales teams are leveraging the audience reach and engagement of our platform to attract new advertisers. We have, and will continue to see the benefit of political revenue through the end of year, and at the same time, we are taking aggressive action to address near-term challenges through expense management initiatives, which drove approximately $2 million in expense savings compared to the prior year. We expect to achieve $10 million in annualized expense savings.