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Clear Channel Beats by a Penny

The CEO congratulates himself.
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Clear Channel (CCU) - Get Compania Cervecerias Unidas S.A. Sponsored ADR Report hit third-quarter earnings targets as Wall Street chattered away about the prospect of a leveraged buyout of the radio company.

The San Antonio, Texas, station operator made $186 million, or 38 cents a share, for the quarter ended Sept. 30, up from the year-ago continuing operations profit of $172 million, or 32 cents a share. Revenue rose 7% from a year ago to $1.79 billion.

Analysts surveyed by Thomson Financial were looking for a 37-cent profit on sales of $1.77 billion.

Radio broadcasting revenues increased 5% from a year ago, primarily from an increase in national advertising revenues, driven by increases in yield and average unit rates. The number of 30 second and 15 second commercials broadcast as a percent of total minutes sold increased in the third quarter of 2006 as compared to the same period of 2005.

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Outdoor advertising revenue increased 8%, with a 6% rise on a constant currency basis.

"We are one of the best performing companies in the media industry," said CEO Mark Mays. "Our radio division once again outperformed the industry, demonstrating the strength of our brands in connecting with our audiences. Our outdoor division continues its track record of robust growth, posting considerable revenue gains year-over-year. Looking ahead, we continue to maintain strong operating momentum and we are hopeful that we can continue to convert our revenue gains into profitable returns for our shareholders."