Clear Channel Outdoor(US:CCO) ZACKSยท2024-08-07 14:36Core Insights - Clear Channel Outdoor (CCO) reported revenue of $558.54 million for Q2 2024, a year-over-year decline of 12.4% [1] - The EPS for the same period was -$0.06, an improvement from -$0.08 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $563.75 million, resulting in a surprise of -0.93% [1] - The company experienced an EPS surprise of -50.00%, with the consensus EPS estimate being -$0.04 [1] Revenue Performance - Geographic Revenue from Europe-North was $164.74 million, exceeding the three-analyst average estimate of $158.38 million [3] - Geographic Revenue from the Americas was $290.21 million, slightly below the average estimate of $296.31 million, representing a year-over-year change of +0.9% [4] - Revenue from Other sources was $17.38 million, significantly lower than the average estimate of $23.37 million, reflecting a year-over-year decline of 22.2% [5] - Revenue from Airports was reported at $86.22 million, surpassing the average estimate of $85 million [6] Adjusted EBITDA Metrics - Adjusted EBITDA from Other sources was $0.01 million, falling short of the three-analyst average estimate of $3.75 million [7] - Adjusted EBITDA for Corporate expenses was -$35.80 million, worse than the average estimate of -$33.53 million [8] - Adjusted EBITDA from Airports was $19.08 million, exceeding the average estimate of $17.40 million [9] Stock Performance - Shares of Clear Channel Outdoor have declined by 9% over the past month, compared to a 5.9% decline in the Zacks S&P 500 composite [9] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [9]