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Clear Channel Outdoor -3.8% after in-line Q1

May 22, 2018 11:04 AM ETClear Channel Outdoor Holdings, Inc. (CCO) StockBy: Jason Aycock, SA News Editor
  • Clear Channel Outdoor Holdings (NYSE:CCO) is 3.8% lower after posting Q1 earnings largely in line with expectations.
  • Revenues grew nearly by double digits as international sales paced the company, with the help of foreign exchange.
  • Excluding currency effects, revenue overall grew 3.5% after international results contributed an 8.3% gain against a 1.7% decline at home.
  • Meanwhile, operating income declined to -$8.4M mainly due to a prior-year gain marked on the sale of the company's Indianapolis market.
  • OIBDAN rose 13% (up 10.1% excluding forex and the impact of the sale of the Canada business).
  • Revenue breakout: Americas, $255.85M (down 1.7%); International, $342.9M (up 20.6%).
  • Total debt inched up to $5.271B from the $5.267B as of Dec. 31. Cash rose to $153.2M from $144.1M.
  • Earnings call slides
  • Press release

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