Clear Channel Outdoor Posts 4Q Profit, but Misses Estimates

Industries FOXBusiness

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.

Continue Reading Below

“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.