Clear Channel Outdoor Holdings (NYSE: CCO) reported Q3 revenue for the quarter came in at $437.41 million versus the consensus estimate of $413.87 million.

"Over the course of 2020, our team has taken decisive action to protect and enhance the foundation we have built since becoming an independent company," said William Eccleshare, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. "As a result of our strong execution, vigilance on costs and success in capitalizing on our investments, we delivered better than expected results in the third quarter, particularly in Europe."

Mr. Eccleshare added, "In addition, we continued to invest in the technology that is transforming our business and our sector. We have expanded our digital platform, successfully launched Clear Channel RADAR in the U.K. and Spain, and enhanced Americas' RADARConnect® with a new partnership. Our team has also been winning new business that will contribute to our long-term growth trajectory once traffic levels rebound. We are excited to announce that we were awarded the largest airport advertising contract in the U.S. by the Port Authority of New York and New Jersey, which will add significantly to our unique portfolio of assets.

"We are encouraged by the tone of conversations with our advertisers across markets and are confident we will benefit from our strategic decisions and investments as the economies rebound and advertisers return. While we obviously cannot predict the pandemic's future trajectory, we remain focused on the strong medium and long-term opportunities within our sector and our ability to generate growth in 2021 and beyond. In the interim, we believe that our liquidity position, including our $845 million cash balance at quarter-end, is sufficient to support our business and continue to evaluate opportunities to strengthen our financial flexibility."

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