Clear Channel Outdoor Holdings (CCO) Reports Q1 Revenue Miss

Clear Channel Outdoor Holdings (NYSE: CCO) reported Q1 EPS of $, versus $0.04 reported last year. Revenue for the quarter came in at $598.71 million versus the consensus estimate of $729.13 million.

“The investments we continue to make in both the Americas and International businesses to enhance our global network are benefiting our marketing and advertising partners and generating results,” said Bob Pittman, Executive Chairman and Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “In the first quarter, we have delivered against our strategy in key markets worldwide by expanding our digital network, enhancing our programmatic solutions and data analytics capabilities and winning new contracts.”

Rich Bressler, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc. said: “We are encouraged by our start in the first quarter of 2018. Revenue increased, operating income declined primarily due to a gain from the sale of our Indianapolis market in the prior year, while OIBDAN increased. We continue to be committed to financial discipline as we invest in our strategic growth initiatives.”

Key Financial Highlights

The Company’s key financial highlights for the first quarter of 2018 include:

• Consolidated revenue increased 9.9%. Consolidated revenue increased 4.4%, after adjusting for a $34.8 million impact from movements in foreign exchange rates and the $4.7 million impact of the sale of our business in Canada.
• Americas revenues decreased $4.5 million, or 1.7%. Revenues increased $0.2 million, or 0.1%, after adjusting for the $4.7 million impact from the sale of our business in Canada.
• International revenues increased $58.5 million, or 20.6%. Revenues increased $23.7 million, or 8.3%, after adjusting for a $34.8 million impact from movements in foreign exchange rates.
• Operating income (loss) decreased 139.1% to $(8.4) million, primarily due to the gain of $28.6 million recognized on the sale of our Americas Indianapolis market in the first quarter of 2017.
• OIBDAN increased 13.0%. OIBDAN increased 10.1%, excluding the impact from movements in foreign exchange rates and the impact of the sale of our business in Canada.

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

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