SAN ANTONIO (AP) — SAN ANTONIO (AP) — Clear Channel Outdoor Holdings Inc. (CCO) on Tuesday reported a loss of $34.9 million in its first quarter.
On a per-share basis, the San Antonio-based company said it had a loss of 7 cents. Losses, adjusted for non-recurring gains, were 23 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.
The outdoor advertising company posted revenue of $545.4 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $540 million.
For the current quarter ending in June, Clear Channel Outdoor said it expects revenue in the range of $635 million to $660 million.
The company's shares closed at $1.26. A year ago, they were trading at $2.44.
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