SAN JUAN CAPISTRANO, Calif. (BRAIN) — Emerald Expositions Events, Inc., the parent company of the Outdoor Retailer trade shows and the on-hiatus Interbike show, saw revenues increase 31.4% in its second quarter, which ended June 30. Net income was up 93.2%, to $11.4 million for the quarter.
While revenues and net income was up compared to the same period last year, that was partly due to shifted timing for two Emerald Shows: Outdoor Retailer and Global Market. Other indicators were less positive: adjusted EBITDA decreased 15.7% to $41.2 million, compared to $48.9 million for second quarter 2018, and adjusted net income decreased 32.6% to $22.7 million, compared to $33.7 million for second quarter 2018
The Outdoor Retailer Summer Market, traditionally held in July, was shifted to June this year, meaning its revenues were shifted from the third quarter to the second quarter, contributing to the revenue increase for the quarter compared to 2018. The Global Market show also shifted from being in the first quarter in 2018 to being second quarter this year. The OR Summer Market, in Denver, had flat revenues compared to last year, the company said in an earnings news release Thursday.
Emerald now hosts three OR shows each year, all in Denver: the Summer Market, the Winter Market in early November, and the Snow Show in late January. The November show will include a bicycle area. Emerald announced last fall that the Interbike show would not be held in 2019, leaving the door open for it to return in future years.
The OR Summer Market, in Denver, had flat revenues compared to last year, the company said.
Emerald, traded on the New York Stock Exchange under the EEX symbol, had total revenues of $103 million in Q2, up from $78.4 million in the quarter last year. First half revenues were $240.4 million, up 9% from the first half last year.
“Our results for the quarter were slightly below our expectations, including a continuation of some of the same trends driving the performance of several of our trade show events earlier in the year,” said Sally Shankland, Emerald’s president and Chief Executive Officer. “While our revised guidance reflects our latest expectation for show-level performance this year, largely driven by current expectations for our second half performance, as well as additional investment being made in the business, I am optimistic about the future and confident that we can improve our execution and change the trajectory of the business, starting with several immediate actions.”
