Clear Channel Outdoor Holdings (CCO) Posts Q2 Results

Clear Channel Outdoor Holdings (NYSE: CCO) reported Q2 revenue of $712.15 million versus the consensus estimate of $721.57 million.

• Consolidated revenue decreased 1.5%. Consolidated revenue increased 3.2%, after adjusting for a $6.2 million impact from movements in foreign exchange rates and the $27.1 million impact of the non-strategic outdoor markets we sold in the first quarter of 2016.
• Americas revenues decreased $15.8 million, or 4.6%. Revenues increased $14.3 million, or 4.6%, after adjusting for a $3.0 million impact from movements in foreign exchange rates and a $27.1 million impact from the sale of non-strategic markets.
• International revenues increased $5.1 million, or 1.3%. Revenues increased $8.3 million, or 2.2%, after adjusting for a $3.2 million impact from movements in foreign exchange rates.
• Operating income decreased 63.7% to $34.5 million. OIBDAN decreased 3.0%. OIBDAN1 increased 4.3%, excluding the impact from movements in foreign exchange rates and the impact of the non-strategic outdoor markets we sold in the first quarter of 2016.

“We continue to benefit from our strategic initiatives to streamline our Americas and International outdoor businesses and to build out our digital capabilities,” said Bob Pittman, Chairman and Chief Executive Office of Clear Channel Outdoor Holdings, Inc. “Our investments in innovative digital technologies and our ability to win new contracts to secure prime display locations are providing the flexible and creative solutions that our advertising partners need to reach consumers who are increasingly spending more time out of home.”

“We’re pleased with our Clear Channel results,” said Rich Bressler, Chief Financial Officer. “Americas outdoors continues to successfully execute on its strategy with its streamlined organization while International outdoor delivered overall revenue growth.”

For earnings history and earnings-related data on Clear Channel Outdoor Holdings (CCO) click here.

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