Infinity Broadcasting Beats Estimates
Infinity Broadcasting
(INF)
posted fourth-quarter earnings that forged sharply ahead of analysts' expectations, helped by strong revenue in its outdoor advertising business.
The New York-based radio broadcaster and outdoor advertiser said earnings for the quarter were $177 million, or 16 cents a share, up from $118 million, or 13 cents a share, in the same period last year. Four analysts polled by earnings tracker
First Call/Thomson Financial
expected fourth-quarter earnings of 10 cents a share.
Revenues for the fourth quarter grew about 40% to $1.1 billion, up from $759 million last year.
TheStreet Recommends
Shares of the company closed at $31.70 on the
New York Stock Exchange Tuesday. They hit a 52-week high of $36.69. Media giant
Viacom
(VIA)
, which already owns a large stake in Infinity, is buying the company for $12.5 billion.
Viacom separately reported earnings results that
topped analysts' expectations.
