Clear Channel Surges 51% On Billboard Business
Published Friday, September 5, 2008 by caitlyn6232 | E-mail this post
Radio station and billboard advertising leader Clear Channel Communications Inc. said Thursday third-quarter earnings surged 51 percent, as outdoor advertising revenue continued to grow sharply. Net income for the July-September period climbed to $279.7 million, or 56 cents per share, from $185.9 million, or 38 cents per share, in the same period last year. Analysts surveyed by Thomas Financial had only expected profits of 38 cents per share, on average. The company sold its 56 television stations in April. Excluding those operations, earnings rose 51 percent to $256.3 million, or 52 cents per share, from $169.8 million, or 34 cents per share, last year. Revenue rose 5 percent to $1.73 billion from $1.64 billion last year. A favorable exchange rate added $32.4 million to the total. Excluding the foreign exchange boost, revenue rose 3 percent.
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