Clear Channel Outdoor Holdings Inc (NYSE:CCO) Stock Falls a But After Quarterly Earnings
On Wednesday, the Clear Channel Outdoor Holdings Inc (NYSE:CCO) stock did not perform particularly well and ended the day with a decline of as much as 3% as a consequence.
Market Stats
On Wednesday, CCO stock fell 3.15% at $3.38 with more than 3.94 million shares, compared to its average volume of 2.03 million shares. The stock has moved within a range of $3.3800 – 3.6400 after opening the trade at $3.49.
Earnings Review
The company had come into focus earlier on this week on Tuesday when it announced its financial results for the fiscal quarter that had ended on September 30, 2021. In this situation, it could be a sound move from investors to perhaps take a closer look at the company’s performance in the quarter. In the Americas market, Clear Channel Outdoor Holdings managed to bring in revenues of as much as $319 million and that worked out to a year on year rise of as much as 42.6%.
In addition to that, the EBITDA earnings for the period in the particular segment soared to $139.1 million, which worked out to a year on year rise of 96.7%.
On the other hand, the revenues in the European business shot up by as much as 21% to hit $262.6 million during the quarter and the EBITDA earnings stood at $31.3 million, considerably higher than the figure of $8 million that had been posted under the same heading in the prior year period.
Key Quote
“We delivered very strong results in the third quarter and entered the fourth quarter with continued momentum in our business,” said William Eccleshare, Chief Executive Officer of Clear Channel Outdoor Holdings, Inc. “Advertisers are returning to launch new campaigns and rebuild brand awareness. This rebound, together with new advertisers discovering our medium for the first time, is driving growth in many of our markets ahead of 2019 revenue levels, in both our digital and traditional assets.
Traders Corner
CCO stock is trading above the 20-Day and 50-Day Moving averages of $3.07 and $2.79 respectively. Moreover, the stock is trading above the 200-Day moving average of $2.42. The stock is up 40% in the past 3-month.
