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Clear Channel Outdoor -2.5% as losses double up

Nov. 08, 2017 3:28 PM ETClear Channel Outdoor Holdings, Inc. (CCO) StockBy: Jason Aycock, SA News Editor
  • Clear Channel Outdoor (NYSE:CCO) is off 2.5% today after Q3 earnings where revenues shrank with no help from foreign exchange, and underlying earnings fell in double digits.
  • Operating income fell by 49.3%, to $30.8M, and OIBDAN dropped 17.6%. Net loss more than doubled, to $55.4M from $23.8M.
  • Meanwhile, revenues fell 3.6% on a headline basis (to $645M), but the company notes if you adjust for $10.2M in foreign exchange impact and $39.3M impact from selling some businesses, revenue increased 0.8%.
  • Revenue breakout: Americas, $316.6M (down 2%); International, $328.5M (down 5.1%).
  • Operating income breakout: Americas, $73.25M (down 6.4%); International, $7.4M (down 59.4%).
  • Press Release

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