Earnings: Clear Channel Q3 Revenue Up 5 Percent; Radio Business Down Slightly
By Joseph Weisenthal - Thu 08 Nov 2007 05:35 AM PST
National radio operator Clear Channel (NYSE: CCU) reported Q3 revenue of $1.7 billion, up 5 percent from last year’s $1.6 billion. Excluding currency effects, the top line grew 3 percent. Net income grew 51 percent to $279 million from $185.8 million. The company’s growth was primarily fueled by outdoor advertising, as radio revenue slipped 1 percent on ad weakness. There was no discussion of the company’s digital initiatives. There will be no conference call, as it awaits completion of its buyout.
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