Emerald Holding Inc. has reported its third-quarter 2024 financial results. Revenues were $72.6 million, a modest 0.1 percent increase over the previous year. This growth was mainly attributed to acquisitions and schedule shifts, offset by lower organic revenue and discontinued events.
The company has recently intensified its portfolio optimization, discontinuing 20 smaller, unprofitable events totaling $20 million in annual revenue. Emerald’s President and CEO Hervé Sedky, noted that these strategic changes aim to enhance growth and profitability in 2025. “We pruned twenty select, non-core events that were a drag on organic growth,” Sedky explained, adding that the company remains focused on strengthening its core events.
Emerald’s adjusted Ebitda increased to $12.5 million from $10.8 million in Q3 2023, aided by cost management and portfolio adjustments. Meanwhile, the company’s net loss for Q3 2024 was $11.1 million, compared to a net income of $10.7 million in the previous year, largely due to asset impairments and lower tax benefits.
Emerald also updated its full-year guidance, anticipating at least $400 million in revenue and $100 million in adjusted Ebitda for 2024. Additionally, the company expanded its share repurchase program by $25 million through December 2025 and declared a $0.015 per share dividend for Q4 2024.