Skip to main content

Clear Channel 3Q results beat Street estimates

Clear Channel Communications Inc. reported a 3 percent decline in pro forma revenue for the third
quarter to $2.3 billion with an 8.1 percent gain in operating cash flow to
$612.3 million.

Pro forma radio revenues were up 9.4 percent to $964 million with a 17
percent gain in operating cash flow.

The company's TV stations and rep firm Katz Media Group aren't broken out separately, but
they drive what's reported as the "other" segment in its financial statements.

Pro forma revenue in the other segment was up 14 percent with a 67 percent
operating-cash-flow gain.

Fourth-quarter guidance: Companywide operating cash flow is expected to be up
as much as 55 percent to $550 million versus fourth-quarter 2001.

Clear Channel stock fell slightly (0.13 percent) to
$37.80 per share Tuesday.