Q3 2024 Clear Channel Outdoor Holdings Inc Earnings Call Transcript
Key Points
- Clear Channel Outdoor Holdings Inc (CCO) reported consolidated revenue of $559 million for the third quarter, marking a 6.1% increase, with growth across all business segments.
- The Americas segment experienced growth in all regions, driven by increased demand for both digital and printed billboards.
- The company secured a significant 15-year contract for roadside advertising assets with the New York MTA, expanding its footprint in the New York tri-state area.
- Clear Channel Outdoor Holdings Inc (CCO) is making progress in leveraging technology investments and expanded sales teams, particularly in the US, to enhance performance.
- The company is seeing benefits from its initiatives in new verticals, such as pharmaceuticals and consumer packaged goods, with promising results from recent campaigns.
- Europe North's segment adjusted EBITA was down 4.5% due to higher site lease expenses, property taxes, and compensation costs.
- The company's Spanish business sale was terminated by JCDecaux due to regulatory challenges, impacting the strategic sale process.
- Clear Channel Outdoor Holdings Inc (CCO) faces tough comparisons in its airports and Europe North segments, which could lead to flat revenues in the upcoming quarter.
- The new MTA contract, while beneficial, is expected to impact operating leverage and margins in the short term due to high revenue share and ramp-up costs.
- The company is experiencing some softness in the UK market, attributed to government budget constraints and economic conditions.
Ladies and gentlemen, thank you for standing by. Welcome to Clear Channel Outdoor Holdings Inc 2024 3rd quarter earnings conference call. At this time. All participants are in a listen-only mode, a question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I will now turn the conference over to your host, Eileen mclaughlin, Vice President Investor Relations. Please go ahead.
Good morning and thank you for joining our call on the call. Today are Scott Wells, our CEO and David Saylor, our CFO. They will provide an overview of the 2024 3rd quarter operating performance of Clear Channel Outdoor Holdings Inc and Clear Channel International BV. We recommend you download the 2024 3rd quarter earnings presentation located in the financial information section of our investor website and review the presentation
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