Clear Channel Outdoor Holdings Reports Results for 2017 First Quarter
San Antonio, Texas - May 4, 2017 - Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) today reported financial results for the first quarter ended March 31, 2017.
“In the first quarter, we continued to deliver on our strategic initiatives at our Americas and International outdoor businesses,” said Bob Pittman, Executive Chairman and Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Around the world, we are investing in building out our digital networks, winning and renewing contracts, and expanding our data-rich, analytics capabilities and automated ad-buying solutions for our marketing partners.”
Rich Bressler, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc., said: “Consolidated revenues, operating income and OIBDAN declined in the first quarter. Adjusting for divestitures and foreign exchange, however, our revenues increased. We remain focused on balancing financial discipline with investments to grow our businesses.”
Key Financial Highlights
The Company’s key financial highlights for the first quarter of 2017 include:
- Consolidated revenue decreased 7.5%. Consolidated revenue increased 1.7%, after adjusting for a $12.8 million impact from movements in foreign exchange rates and the $40.6 million impact of the sale of non-strategic markets and businesses.
- Americas revenues decreased $3.1 million, or 1.1%. Revenues increased .7 million, or 0.2%, after adjusting for a $1.4 million impact from movements in foreign exchange rates and a $5.2 million impact from the sale of nonstrategic markets.
- International revenues decreased $41.2 million, or 13.4%. Revenues increased $8.3 million, or 3.1%, after adjusting for a $14.2 million impact from movements in foreign exchange rates and a $35.4 million impact from the sale of our businesses in Turkey and Australia.
- Operating income decreased 92.6% to $21.6 million, primarily due to the net gain of $278.3 million on the sale of non-strategic outdoor markets in the first quarter of 2016 compared to the net gain of $28.6 million on the sale of our Americas Indianapolis market in the first quarter of 2017.
- OIBDAN decreased 27.1%. OIBDAN decreased 20.1%, excluding the impact from movements in foreign exchange rates and the impact of the sale of non-strategic markets and businesses.