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Sep 30, 2023
Clear Channel Q3 2023 Earnings Report
Clear Channel Outdoor Holdings reported a consolidated revenue increase, excluding movements in foreign exchange rates, and is focused on deleveraging.
Key Takeaways
Clear Channel Outdoor Holdings reported a 2.7% increase in consolidated revenue, excluding movements in foreign exchange rates, for the third quarter of 2023. The company is focused on deleveraging through organic Adjusted EBITDA growth, improved free cash flow, and strategic asset monetization.
Delivered third quarter consolidated revenue of $517 million, up 2.7%, excluding movements in foreign exchange rates.
Business trends are improving domestically, and the company anticipates better performance in the U.S. in the fourth quarter.
Focus on deleveraging over the near-to-medium term by organically growing Adjusted EBITDA and improving free cash flow.
Completed the sale of the business in France and commenced a process to sell the Europe-North segment.
Revenue by Segment
Forward Guidance
Clear Channel Outdoor Holdings expects the following for the fourth quarter of 2023. These expectations exclude movements in FX and results of discontinued operations.
Positive Outlook
- Consolidated Revenue between $591 million and $618 million
- America Revenue between $293 million and $305 million
- Airports Revenue between $100 million and $105 million
- Europe-North Revenue between $170 million and $180 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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