Clear Channel Outdoor Holdings reports Q2 2017 results

Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) has reported financial results for the second quarter ended June 30, 2017, the company said.

Consolidated revenue decreased USD 35.8 million, or 5.1%, during the second quarter of 2017 as compared to the second quarter of 2016. Consolidated revenue increased USD 15.7 million, or 2.3%, after adjusting for a USD 15.5 million impact from movements in foreign exchange rates and the USD 36.1 million impact from the sale of non-strategic businesses.

Consolidated direct operating and SG&A expenses decreased USD 21.5 million, or 4.3%, during the second quarter of 2017 as compared to the second quarter of 2016. Consolidated direct operating and SG&A expenses increased USD 19.9 million, or 4.3%, in the second quarter, after adjusting for a USD 12.4 million impact from movements in foreign exchange rates and the USD 29.1 million impact from the sale of non-strategic businesses.

Consolidated operating income increased 162.3% to USD 90.4 million, during the second quarter of 2017 as compared to the second quarter of 2016, primarily due to 2016 net losses on the sale of operating assets including the sale of our Turkey outdoor market.

Clear Channel Outdoor Holdings is one of the world´s largest outdoor advertising companies, with over 585,000 displays in 34 countries across five continents, including 43 of the 50 largest markets in the United States. Clear Channel Outdoor Holdings offers many types of displays across its global platform to meet the advertising needs of its customers. This includes a growing digital platform that now offers more than 1,100 digital billboards across 27 markets in the United States. Clear Channel Outdoor Holdings´ International segment operates in 18 countries across Asia and Europe in a wide variety of formats.