Clear Channel Outdoor Holdings, Inc. (CCOH) reported a notable increase in revenue for the third quarter and the first nine months of 2024, driven by improved market conditions and heightened demand for digital advertising. For the three months ended September 30, 2024, revenue reached $558.988 million, a 6.1% increase from $526.786 million in the same period of 2023. For the nine months, revenue totaled $1.599 billion, up 7.0% from $1.495 billion year-over-year. The growth was particularly strong in the America and Europe-North segments, with digital revenue also showing significant increases.
Operating income for the third quarter was $72.328 million, compared to $69.517 million in 2023, while for the nine months, it rose to $161.457 million from $112.570 million. Despite these gains, CCOH reported a consolidated net loss of $31.556 million for the third quarter, an improvement from a loss of $262.818 million in the same period last year. The nine-month net loss also decreased to $159.273 million from $334.819 million in 2023.
The company’s total assets as of September 30, 2024, were $4.645 billion, down from $4.722 billion at the end of 2023. Total liabilities increased to $8.243 billion from $8.173 billion, contributing to a total stockholders' deficit of $3.598 billion, up from $3.451 billion. The accumulated deficit also widened to $6.942 billion from $6.781 billion.
CCOH has been actively restructuring its operations, having sold its Europe-South segment businesses in 2023, including operations in Switzerland, Italy, and France, to enhance liquidity. The company recognized a loss of $200.6 million during the third quarter of 2023 related to the sale of its French business. The agreement to sell its Spanish operations was terminated in October 2024.
In terms of strategic developments, CCOH completed the acquisition of Urban Infrastructure Partner (UIP) group for $9.3 million in August 2024, which is expected to enhance its urban infrastructure capabilities in Norway. The company also engaged in significant debt management activities, including issuing $865 million in Senior Secured Notes and extending the maturity of its Term Loan Facility to 2028.
Overall, while CCOH continues to face challenges, particularly in managing its debt and operational restructuring, the company has shown resilience with improved revenue and operating income figures in 2024.
About Clear Channel Outdoor Holdings, Inc.
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