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What: Shares of Live Nation Entertainment (NYSE:LYV) were going to 11 today, gaining as much as 13% after posting a better-than-expected profit in its second-quarter earnings report.

So what: The concert organizer delivered in the all-important summer season with earnings per share of $0.30, soaring past analyst expectations of just $0.10. It looks like an especially strong season for the concert industry, with sales for the Ticketmaster parent up 8.3% in the quarter to $1.68 billion, ahead of expectations of $1.62 billion, as attendance was up 8% to 15.3 million. CEO Michael Rapino said the company was headed for "a record summer" as the concert business continues to rebound from the recession.

Now what: While it was certainly a strong quarter for the event promoter, the numbers were boosted by a $30 million gain on the sale of Foxwoods Theater, without which earnings per share would have been only about $0.15 per share. Optimism continues to build for a recovery in the industry Live Nation dominates, but analysts are projecting an overall loss this year and just a slim profit next year. With shares having nearly doubled this year and profits still elusive, this stock may be ready for a disco nap.

Fool contributor Jeremy Bowman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of and Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.