Outdoor advertising company Clear Channel Outdoor Holdings Inc. (CCO), Monday reported a slip to loss for the third quarter, hurt by 19% lower revenues.
Third-quarter net loss attributable to the San Antonio, Texas- based company was $34.4 million or $0.10 per share compared with a profit of $9.1 million or $0.03 per share last year.
The company noted that year-ago results included both pre- and post-merger contributions, related to its merger with a wholly-owned subsidiary of CC Media Holdings, Inc. on July 30, 2008.
On average, 10 analysts polled by Thomson Reuters expected the company to report a loss of $0.08 per share for the quarter. Analysts' estimates typically exclude special items. Income from operations was lower at $27.59 million,. compared with $53.04 million reported for the comparable period of last year.
Revenues for the three-month period were $660.6 million, 19% lower than $813.4 million last year, falling short of $664.85 million anticipated by Street analysts.
Excluding the effects of foreign exchange which contributed $10.2 million, revenues for the recently ended quarter would have fallen 20% year-on-year.
While domestic operations contributed 15% lower to revenues at $312.54 million, International advertising yielded 22% lower at $348.09 million to the top-line, compared with last year.
Clear Channel Outdoor's operating expenses decreased 14% to $398.77 million, SG&A charges fell 24% to $108.82 million and corporate expenses dropped 6% to $15.54 million from last year.
CCO finished Monday's regular trading sessions at $7.50, up by 17 cents or 2.32% on the NYSE. In after-trading sessions, shares are down by a cent or 0.07%.
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