Clear Channel Outdoor Holdings Reports Increase in Fourth Quarter Revenue
In the latest quarterly report, Clear Channel Outdoor Holdings has shown a significant increase in revenue, particularly driven by the strong performance of its airports unit. Additionally, the company has announced plans to divest its Latin American businesses.
Financial Performance
Despite a decrease in fourth-quarter profit compared to the previous year, with earnings standing at $24.8 million, Clear Channel’s revenue experienced a notable surge of more than 12% to reach $632.1 million. This exceeded analyst expectations of $609.2 million.
Strategic Moves
Clear Channel has been actively restructuring its operations by offloading some of its international assets. Following the ongoing process to sell its Northern Europe segment, the company is now focusing on divesting its Latin American businesses after a thorough review.
Positive Outlook
Chief Executive Scott Wells expressed optimism about the company’s prospects, noting that the America segment witnessed growth in the fourth quarter, with expectations of further acceleration throughout the year. Notably, the Airports unit saw sales increase by over 44% to $111.2 million.
Future Targets
Looking ahead to 2024, Clear Channel aims to achieve sales between $2.2 billion to $2.26 billion, reflecting a 3% to 6% growth compared to the previous year. This projection surpasses analysts’ expectations of $2.197 billion.
For more information and updates, stay tuned for future reports from Clear Channel Outdoor Holdings.