Clear Channel on Target - TheStreet

Clear Channel on Target

Revenue rises 11%.
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Clear Channel (CCU) - Get Report beat fourth-quarter estimates.

The San Antonio, Texas, radio station owner made $210 million, or 43 cents a share, from continuing operations for the quarter ended Dec. 31, up from the year-ago $183 million, or 34 cents a share. Revenue rose 11% from a year ago to $1.94 billion.

Analysts surveyed by Thomson Financial were looking for a 41-cent profit on revenue of $1.89 billion.

The company agreed last fall to go private in a leveraged buyout led by private equity interests. Revenues for the radio division are pacing up 1.8% for the first quarter of 2007 as compared with the first quarter of 2006 and are pacing down 0.5% for the full year of 2007 as compared with the full year of 2006. The company's radio division currently forecasts total operating expense growth in the low single digits for the full year 2007 as compared with the full year 2006.

Revenues in the outdoor division are pacing up 5.8% overall. The Americas outdoor segment is above and the international outdoor segment below the 5.8% pacing for the first quarter 2007 as compared with the first quarter of 2006. For the full year 2007 vs. the full year 2006, Outdoor division revenues are pacing up 6.6% with the Americas above and international below the full-year pacing of 6.6%.