This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Clear Channel's Profits Miss Targets

Updated from 10:03 a.m. EDT

Clear Channel's (CCU - Get Report) first-quarter results fell short of Wall Street's estimates, and the company declined to provide an outlook due to the pending buyout deal.

The San Antonio-based radio broadcaster and outdoor advertising company said it had a first-quarter profit of $799.6 million, or $1.61 a share, up from $102.2 million, or 21 cents a share, in the year-ago period. Excluding items, Clear Channel said it had adjusted earnings of $94.2 million, or 19 cents a share, essentially flat from a year ago.

Revenue rose to $1.56 billion, an increase of 4% from a year earlier. Excluding the effects of foreign exchange, revenue was up 1% to $1.51 billion. Analysts expected the company to earn 21 cents a share on revenue of $1.53 billion, according to Thomson Reuters. Clear Channel shares were off 1.5% at $29.40.

"We continued to execute on our strategic plan during first quarter in the face of a challenging macroeconomic climate," said CEO Mark Mays in a release. "We believe our concerted investment strategy will position our businesses for growth over the long-term."

Clear Channel also addressed its pending $19 billion privatization deal, which has been stuck in litigation after the six financing banks tried to wriggle their way out of the agreement. Clear Channel said its shareholders approved the adoption of the merger deal with a group led by private-equity companies Thomas H. Lee Partners and Bain Capital Partners on Sept. 25.

At odds over the credit agreement are Citigroup (C - Get Report), Morgan Stanley (MS - Get Report), Wachovia (WB - Get Report), Credit Suisse (CS - Get Report), Deutsche Bank (DB - Get Report) and the Royal Bank of Scotland (RBS - Get Report).
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CCU $22.34 -0.36%
C $46.68 0.86%
DB $18.48 -2.53%
CS $15.25 0.26%
MS $27.26 0.74%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs