Clear Channel Outdoor Q2 Net Loss Narrows; Issues Q3 View, Says Remains Within FY23 Outlook

(RTTNews) - Clear Channel Outdoor Holdings, Inc. (CCO), while announcing second-quarter results, on Monday issued outlook for third quarter and maintained guidance for fiscal 2023.

For the third quarter, the company expects consolidated revenue of $570 million and $600 million.

On average, four analysts polled by Thomson Reuters expect revenues of $624.71 million for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2023, the company now expects Funds From Operations or FFO of $22 million to $47 million, and adjusted FFO or AFFO of $62 million to $82 million.

Consolidated net loss is projected to be between $73 million and $98 million, and consolidated revenue between $2.47 billion and $2.54 billion. Analysts project revenues of $2.51 billion for the year.

Scott Wells, Chief Executive Officer of Clear Channel, said, "Looking ahead, we're seeing some moderation in advertising demand and our visibility is reduced, but we remain within our annual financial guidance ranges after adjusting for our European business sales.

In the second quarter, FFO was $14.75 million and adjusted FFO was $30.56 million.

Consolidated net loss was $36.58 million, narrower than last year's loss of $65.32 million.

Revenue edged down 1% to $637.24 million from $643.38 million last year.

The Street was looking for revenues of $639.87 million.

The company further said its Board is continuing its review of strategic alternatives for remaining European businesses, as well as evaluating a range of other strategic opportunities to enhance value.

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