Clear Channel posted earnings of $213 million, compared with a loss of $232 million in 2001; after adjusting for changes in goodwill reporting in 2001, net income would have been up 70% to over $119 million for that year.
The company reported revenue of $2.34 billion for the quarter, up 1.7%. Shares closed Tuesday at $37.80 on the New York stock Exchange.
Big boost from radio
Revenues from its
"We think we're driving the radio train" that is helping raise rates across the industry, he said. Clear Channel is one of the largest radio station owners in the country, with 1,225 stations in the U.S.
In addition to its radio stations, Clear Channel operates 37 TV stations in the U.S. and has equity interests in over 240 radio stations internationally. The company operates roughly 776,000 outdoor advertising displays worldwide. The entertainment division operates national concert, theatrical and family tours and motor sports events.
Outdoor shows improvement
Outdoor advertising also showed improvement in the third quarter, with total outdoor revenue up 12% to $478 million. Improvements in domestic outdoor revenues offset the "sluggish" international markets, Mr. Mays said. Rates in outdoor began firming up in the third quarter and are continuing to rise in the fourth, with both international and domestic business showing improvement in the fourth quarter, he said.
Revenue for Clear Channel's live entertainment division, however, was down 16% at $790 million.
Mr. Mays discounted talk that the advertising numbers are driven by current political advertising, noting both radio and outdoor advertising are showing improvements across categories and sales trends are up into the post-election year-end period.