Clear Channel

(CCU) - Get Report

beat Wall Street's estimates with its first-quarter earnings Tuesday, as its radio business continues to outperform its billboard and entertainment units.

The San Antonio-based company posted first-quarter earnings of 12 cents a share, up from 4 cents a year ago and 4 cents better than the analyst consensus quoted by Thomson Financial/First Call. Revenue rose 4% to $1.71 billion from $1.63 billion a year earlier, beating the $1.57 billion analyst estimate.

Clear Channel said first-quarter earnings before interest, taxes, depreciation and amortization slipped 9% to $370 million from $404 million a year ago, while free cash flow inched up to $191 million from $186 million in the first quarter of 2001.

Clear Channel forecast second-quarter EBITDA of $600 million to $615 million.

In the radio segment, revenue and EBITDA each rose 3% from a year ago. In entertainment, revenue rose 19% but EBITDA fell 11%, while in outdoor advertising revenue fell 11% and ebitda plunged 38%. Radio revenue accounted for 46% of the total in the latest period, the company said. (

Clear Channel is a partner in TSC co-founder James J. Cramer's radio program, RealMoney with Jim Cramer.

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Clear Channel shares closed Monday at $45.12.