Clear Channel Net Doubles

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Clear Channel's

(CCU) - Get Report

first-quarter earnings doubled from a year ago, boosted by gains from asset sales. Excluding those, earnings were slightly above Wall Street forecasts.

Clear Channel earned $96.8 million, or 19 cents a share, in the quarter, compared with $47.9 million, or 9 cents a share, a year ago. Earnings from continuing operations were 19 cents a share in the most recent quarter, including 5 cents of gains. At 14 cents a share, adjusted earnings were a penny better than the Thomson First Call estimate.

Revenue rose 4% from last year to $1.5 billion, matching the consensus forecast. By segment, first-quarter revenue rose 5% to $808.9 million in radio broadcasting, rose 3% to $598.4 million in outdoor advertising and rose 6% in other businesses to $129.4 million.

"The investments we have made in our business as part of our multi-faceted strategic plan are clearly paying off," Clear Channel said. "We are driving tangible returns across virtually every aspect of our business. Supported by considerable increases in audience shares across our radio portfolio, our radio division is performing ahead of expectations, while our outdoor division continues to post steady growth. Companywide, we continue to be optimistic about our outlook for the remainder of the year.

"We have now largely made the transition from a company focused on strategic realignment and investment to an invigorated organization committed to aggressive execution, strong operating performance and increased cash generation," it said. "We will continue to make concerted investments in our content and distribution channels with the goal of increasing our market share among the consumers and advertisers we serve. As a result of our industry leadership, highly profitable business model and emerging digital media businesses, we are in a position of strength in pursuing avenues to generate value for our shareholders."