Clear Channel Outdoor Holdings Inc. (CCO) reported fiscal fourth-quarter earnings after the bell Monday that missed expectations, but the company credited its profitable fourth-quarter to improvements in the global business environment and increased demand from advertisers.
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“We witnessed strength across our U.S. operations, especially our digital boards, while our international business benefited from a rebound in street furniture across a number of our markets,” said Mark Mays, CEO of Clear Channel Outdoor, in a statement. “As a result, our margins continued to strengthen, reflecting the benefits of our cost-restructuring program and more efficient organization.”
The company, which operates outdoor advertising space, said net income rose to $4.28 million, or even earnings per share, up from a loss of $56.8 million, or 18 cents per share, in the year-ago quarter.
Revenue rose nearly 4% to $792.7 million. The results missed expectations; analysts had predicted earnings of 6 cents a share on revenue of $804.95 million, according to a poll by Thomson Reuters.
Shares of Clear Channel Outdoor rose 3.7% in Monday’s session, closing the day at $14.82 a share.