Clear Channel Outdoor Posts 3Q Loss

SAN ANTONIO (AP) — Clear Channel Outdoor Holdings Inc. reported a third-quarter loss Monday as revenue fell 19 percent.

The company reported a loss of $34.4 million, or 10 cents per share, compared with profit of $9.1 million, or 3 cents per share a year ago.

Revenue fell 19 percent to $660.6 million from $813.4 million a year ago.

Analysts surveyed by Thomson Reuters expected a loss of 8 cents per share on revenue of $664.9 million.

Billboard advertisers have been suffering the same difficulties as other advertising dependent companies in the recession. Analysts have expected recovery in advertising to be slow. In addition to low sales in the United States, outdoor advertising has been lagging in Europe. The company reported its international revenue fell 22 percent from a year ago.

In after-hours trading following the earnings release, shares lost a penny to $7.49. In the regular session, the stock rose 17 cents, or 2.3 percent, to close at $7.50 as the broader market surged upward.