SAN ANTONIO (AP) — SAN ANTONIO (AP) — Clear Channel Outdoor Holdings Inc. (CCO) on Thursday reported a loss of $89.7 million in its first quarter.
On a per-share basis, the San Antonio-based company said it had a loss of 19 cents. Losses, adjusted to extinguish debt and to account for discontinued operations, came to 17 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.
The outdoor advertising company posted revenue of $481.8 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $480.7 million.
For the current quarter ending in June, Clear Channel Outdoor said it expects revenue in the range of $547 million to $572 million.
The company expects full-year revenue in the range of $2.2 billion to $2.26 billion.
The company’s shares closed at $1.54. A year ago, they were trading at $1.26.
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