Clear Channel Outdoor Holdings Inc., the world’s largest billboard operator, said fourth-quarter profit jumped 61% as revenue increased.
Net income was $65.1 million (Rs2,86.9 crore), or 18 cents a share, from $40.4 million, or 12 cents, a year earlier. Sales rose 13% to $830.7 million, the San Antonio-based company said on 23 February in a statement. Profit beat analysts’ 16 cent average estimate compiled by Bloomberg.
Sales also beat the average analysts’ estimate of $791.3 million, from a Bloomberg compilation of at least 12 estimates.
Parent Clear Channel Communications Inc., the largest U.S. radio broadcaster, controls 90 percent of the stock. The remaining 10% was sold to the public in November 2000.
Shares of Clear Channel Outdoor rose 58 cents, or 2.1 percent, to $28.48 in New York Stock Exchange composite trading. They have risen 36 percent in the past year.