Clear Channel Outdoor (CCO) reported $558.54 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 12.4%. EPS of -$0.06 for the same period compares to -$0.08 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $563.75 million, representing a surprise of -0.93%. The company delivered an EPS surprise of -50.00%, with the consensus EPS estimate being -$0.04.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Clear Channel Outdoor performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Geographic Revenue- Europe-North
: $164.74 million versus the three-analyst average estimate of $158.38 million.Geographic Revenue- Americas
: $290.21 million compared to the $296.31 million average estimate based on three analysts. The reported number represents a change of +0.9% year over year.Revenue- Other
: $17.38 million compared to the $23.37 million average estimate based on three analysts. The reported number represents a change of -22.2% year over year.Revenue- Airports
: $86.22 million versus $85 million estimated by three analysts on average.Adjusted EBITDA- Other
: $0.01 million versus the three-analyst average estimate of $3.75 million.Adjusted EBITDA- Corporate expenses
: -$35.80 million versus the three-analyst average estimate of -$33.53 million.Adjusted EBITDA- Airports
: $19.08 million compared to the $17.40 million average estimate based on three analysts.
Shares of Clear Channel Outdoor have returned -9% over the past month versus the Zacks S&P 500 composite's -5.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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