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

Clear Channel Outdoor (NYSE:CCO) issued its quarterly earnings data on Thursday. The business services provider reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.01, Zacks reports. The company had revenue of $481.75 million for the quarter, compared to analyst estimates of $480.69 million. During the same period in the prior 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 Trading Down 1.2 %

Shares of NYSE:CCO traded down $0.02 during trading on Friday, hitting $1.59. 788,046 shares of the company were exchanged, 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 firm has a fifty day moving average price of $1.58 and a two-hundred day moving average price of $1.58. The stock has a market cap of $769.11 million, a price-to-earnings ratio of -2.44 and a beta of 2.91.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CCO. Morgan Stanley raised their price objective on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. StockNews.com upgraded shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research report on Friday, February 16th. Finally, Barrington Research reissued an “outperform” rating and set a $2.50 price objective on shares of Clear Channel Outdoor in a research note on Tuesday, February 27th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.16.

About Clear Channel Outdoor

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.