Friday May 9, 12:38 PM
Clear Channel Outdoor 1Q profit misses estimates by 1 cent a share; revenue up
BOSTON (Thomson Financial) - Clear Channel Outdoor Holdings Inc. Friday said first-quarter adjusted income fell to $13.3 million, or 4 cents a share, shy of the mean estimate of analysts polled by Thomson Reuters (TRI.TO
- news) of 5 cents a share.
In the same period a year ago, the company posted adjusted income of $16.1 million, or 5 cents a share.
Revenue for the San Antonio-based billboard adverting company rose 12% to $775.6 million from $690.9 million a year earlier. Analysts, on average, had estimated revenue of $738 million.
Clear Channel Outdoor (CCO.PH - news) said the 'overall economic downturn' in the first quarter hurt its local business in the U.S., which fell for the first time in more than five years. The company said its national business was 'encouragingly resilient,' growing in the mid single-digits.
For the full year, Clear Channel Outdoor said its revenue is pacing up 2.3% versus 2007. The company also said it expects capital expenditures of about $350 million to $375 million for 2008.
Shares closed Thursday at $18.89.
Casey Logan
cl/pc
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