Clear Channel Outdoor (NYSE:CCO) Announces Earnings Results, Beats Estimates By $0.01 EPS

Clear Channel Outdoor (NYSE:CCO) released its quarterly earnings results on Thursday. The business services provider reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.01, Zacks reports. The business had revenue of $481.75 million during the quarter, compared to analyst estimates of $480.69 million. During the same period in the previous year, the company posted ($0.23) EPS. Clear Channel Outdoor updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Clear Channel Outdoor Stock Down 1.2 %

Clear Channel Outdoor stock traded down $0.02 during midday trading on Friday, reaching $1.59. The company’s stock had a trading volume of 788,046 shares, compared to its average volume of 2,238,645. Clear Channel Outdoor has a fifty-two week low of $0.99 and a fifty-two week high of $2.06. The company has a market cap of $769.11 million, a P/E ratio of -2.44 and a beta of 2.91. The business has a 50-day simple moving average of $1.58 and a 200-day simple moving average of $1.58.

Wall Street Analyst Weigh In

CCO has been the subject of several research reports. StockNews.com upgraded Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, February 16th. Barrington Research restated an “outperform” rating and issued a $2.50 price target on shares of Clear Channel Outdoor in a research report on Tuesday, February 27th. Finally, Morgan Stanley upped their price target on Clear Channel Outdoor from $1.50 to $2.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.16.

Clear Channel Outdoor Company Profile

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.