Clear Channel Falls As 2Q Results Miss Estimates

NEW YORK (AP) — Shares of billboard operator Clear Channel Outdoor Holdings Inc. fell more than 10 percent Tuesday after it reported a second-quarter loss that was worse than analysts forecast.

Shares were down 76 cents, or 11.6 percent, at $5.81 in midday trade.

The company reported Monday that its net loss was $689.1 million, or $1.94 per share, compared with a profit of $80.3 million, or 23 cents a share, a year earlier.

The quarter included an adjustment for the July 2008 merger with a unit of CC Media Holdings.

Although it did not give a per-share breakdown for the adjustment, analysts estimated that it lost 6 cents or 7 cents per share without it.

That was below forecasts of a 1 cent per share profit, according to Thomson Reuters.

Analyst Frederick Moran from The Benchmark Company kept a "sell" rating on the stock.