Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Clear Channel Outdoor tops revenue expectations in Q1

EditorRachael Rajan
Published 09/05/2024, 11:54
© Reuters.
CCO
-

SAN ANTONIO - Clear Channel Outdoor (NYSE:CCO) Holdings, Inc. (NYSE: CCO), a global leader in outdoor advertising, reported a revenue increase for the first quarter ended March 31, 2024, beating analyst expectations.

The company announced consolidated revenue of $481.8 million, surpassing the consensus estimate of $478.45 million. This represents a 10.1% increase compared to the same quarter last year, or 9.3% excluding foreign exchange rate movements.

The company's CEO, Scott Wells, attributed the strong performance to record results in America, Airports, and Europe-North segments, excluding sold markets and movements in foreign exchange rates. "The trends we saw late last year largely continued into the first quarter, including improving demand among advertisers in all regions and key verticals in our America business segment," Wells said.

In terms of guidance, Clear Channel Outdoor expects consolidated revenue for the second quarter of 2024 to be between $547 million and $572 million, which translates to a growth range of 3% to 8%. For the full year of 2024, the company's guidance remains unchanged from previous estimates, except for loss from continuing operations and Adjusted Funds from Operations (AFFO). The updated full-year expectations include a consolidated revenue range of $2.2 billion to $2.26 billion, reflecting a 3% to 6% increase from the prior year.

Clear Channel Outdoor's first quarter performance was bolstered by a 5.8% increase in America revenue and a significant 43.0% jump in Airports revenue. Europe-North also saw an 8.5% increase, or 5.9% excluding foreign exchange movements. The company's strategic plan, which focuses on enhancing profitability, investing in technology, and expanding its advertising reach, appears to be paying dividends.

The company's debt activity included the issuance of $865.0 million in Senior Secured Notes and the use of proceeds to prepay borrowings under its Term Loan Facility, as well as refinancing activities that extended maturities and created flexibility for future M&A processes in Europe.

Clear Channel Outdoor's commitment to actively managing its balance sheet and executing its strategic plan positions the company to continue delivering growth throughout the year. "We are positive about the trends we are seeing in our business and remain on track in delivering growth this year," Wells concluded.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.