Clear Channel Communications
struggled with a tough advertising market in the third quarter.
Clear Channel posted net income of $261.2 million, or 44 cents a share, vs. $236.8 million, or 38 cents a share, a year ago. Analysts expected the company to earn 43 cents a share.
Revenue rose 4% to $2.6 billion in what Clear Channel called a "very challenging quarter."
The company's third-quarter 2003 profit included about $685.6 million of pretax gains, worth 66 cents a share.
Westwood One had net income of $23.2 million, or 24 cents a share, vs. $27.7 million, or 27 cents a share, in the year-ago period. Revenue rose 5% to $141.4 million. The consensus estimate was for 29 cents a share, according to Thomson First Call.
The company cited an "inconsistent overall advertising marketplace."
Clear Channel shares fell $1.13, or 3.4%, to $31.97 in premarket trading Friday. Westwood shares ended at $22.40 Thursday.