NYSE$CCO
Clear Channel Outdoor Holdings Inc · Q3 2021 earnings
Q3 2021 earnings · · Investor relations
Briefing
Delivered very strong results driven by advertisers returning to launch new campaigns and rebuild brand awareness.
Clear Channel Outdoor Holdings, Inc. reported a strong third quarter of 2021 with revenue up 33.3% compared to the same period in 2020. The company saw positive trends in revenue for each of its segments as mobility levels continued to increase.
- Americas revenue up 42.6% to $319.0 million; digital revenue up 68.4% to $114.6 million.
- Europe revenue up 21.0% to $262.6 million; digital revenue up 44.8% to $92.9 million.
- Consolidated revenue between $715 million and $740 million is expected for Q4 2021.
- The company repaid $130.0 million outstanding balance under the Revolving Credit Facility using cash on hand.
Headline financials
Revenue & EPS history
Clear Channel · Revenue · Quarterly
$596M
Revenue by segment
Clear Channel · $434M total across 2 segments · Q3 2021
- America$319M+42.6%73.5%
- Other$115M+1574.9%26.5%
Forward guidance
The company's expectations for the fourth quarter are as follows (revenue amounts exclude movements in FX where applicable):
Tailwinds
- Consolidated revenue between $715 million and $740 million vs. 2019 consolidated revenue of $717 million
- Americas revenue between $360 million and $370 million vs. 2019 Americas revenue of $345 million
- Americas Segment Adjusted EBITDA margin percentage returning close to the 2019 fourth quarter level of 42.3%
- Europe revenue between $335 million and $350 million vs. 2019 Europe revenue of $349 million
- Liquidity balance, including unrestricted cash and availability under credit facilities, to be between $525 million and $575 million as of December 31, 2021.
Headwinds
- Customer advertising buying decisions are happening later in the buying cycle, particularly in Europe.
- Expected results and estimates may be impacted by factors outside of the Company’s control, such as the continuing impacts from COVID-19.
- Actual results may be materially different from this guidance.
- Weak or uncertain global economic conditions and their impact on the level of expenditures on advertising
- The impact of the COVID-19 pandemic on our operations and on general economic conditions, including inflationary pressure
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2021
-1.9%
Avg return
Earnings day
-0.8%
Avg return
5 days after
-1.5%
Avg return
30 days after
37%
24 / 65 earnings
Positive
+26.5%
Q3 2020
Best reaction
-20.7%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | +0.0% | — | |
| Q4 2025 | -0.8% | -0.4% | -2.1% | |
| Q3 2025 | -1.7% | +8.3% | +9.9% | |
| Q1 2025 | +5.7% | +11.2% | +9.2% | |
| Q4 2024 | -2.2% | -7.4% | -15.6% | |
| Q3 2024 | -3.3% | -2.7% | +0.7% | |
| Q2 2024 | -4.9% | -7.0% | +5.6% | |
| Q1 2024 | +1.9% | +1.3% | -10.4% | |
| Q4 2023 | +3.2% | -4.8% | -12.2% | |
| Q3 2023 | +14.2% | +16.8% | +46.0% | |
| Q2 2023 | -7.1% | -8.9% | -13.1% | |
| Q1 2023 | -16.7% | -14.3% | +6.3% | |
| Q4 2022 | +5.2% | +2.6% | -27.7% | |
| Q3 2022 | -20.7% | -6.6% | -16.5% | |
| Q2 2022 | -3.0% | +10.9% | +0.0% | |
| Q1 2022 | -14.5% | -12.1% | -32.2% | |
| Q4 2021 | +1.9% | +3.3% | +0.5% | |
| Q3 2021 | +3.4% | +11.3% | -4.6% | |
| Q2 2021 | +11.3% | +4.2% | +6.3% | |
| Q1 2021 | -8.6% | -15.3% | +11.3% | |
| Q4 2020 | -17.3% | -11.5% | -10.6% | |
| Q3 2020 | +26.5% | +26.0% | +31.0% | |
| Q2 2020 | +8.3% | +30.2% | +28.1% | |
| Q1 2020 | +5.7% | +9.9% | +59.3% | |
| Q4 2019 | +1.5% | -3.9% | -73.0% | |
| Q3 2019 | +0.8% | +0.8% | -1.9% | |
| Q2 2019 | -10.6% | -17.8% | -14.2% | |
| Q1 2019 | -1.9% | -5.8% | +0.4% | |
| Q4 2018 | -8.7% | -7.5% | +1.6% | |
| Q3 2018 | -2.7% | -6.2% | -9.0% | |
| Q2 2018 | +3.5% | +5.8% | +5.8% | |
| Q1 2018 | -4.3% | -7.5% | +0.0% | |
| Q4 2017 | -9.3% | -2.1% | -10.3% | |
| Q3 2017 | +2.5% | +2.5% | +10.1% | |
| Q2 2017 | -13.9% | -2.0% | -19.8% | |
| Q1 2017 | -5.9% | -9.8% | -22.5% | |
| Q4 2016 | -12.3% | -9.4% | +13.4% | |
| Q3 2016 | +0.0% | -6.0% | -4.3% | |
| Q2 2016 | -6.6% | -7.9% | -2.7% | |
| Q1 2016 | +9.4% | — | — | |
| Q4 2015 | +2.9% | — | — | |
| Q3 2015 | -17.6% | — | — | |
| Q2 2015 | +3.6% | — | — | |
| Q1 2015 | +1.5% | — | — | |
| Q4 2014 | -2.5% | — | — | |
| Q3 2014 | +3.1% | — | — | |
| Q2 2014 | +0.1% | — | — | |
| Q1 2014 | -6.3% | — | — | |
| Q4 2013 | -1.3% | — | — | |
| Q3 2013 | +2.1% | — | — | |
| Q2 2013 | +0.3% | — | — | |
| Q1 2013 | +0.0% | — | — | |
| Q1 2011 | -0.7% | — | — | |
| Q4 2011 | -0.7% | — | — | |
| Q4 2012 | -0.7% | — | — | |
| Q3 2012 | -1.2% | — | — | |
| Q2 2012 | -7.3% | — | — | |
| Q1 2012 | -3.8% | — | — | |
| Q4 2009 | -3.3% | — | — | |
| Q2 2011 | -3.3% | — | — | |
| Q3 2010 | -11.9% | — | — | |
| Q3 2011 | -11.9% | — | — | |
| Q2 2010 | -1.4% | — | — | |
| Q4 2010 | -1.4% | — | — | |
| Q1 2010 | +6.9% | — | — |
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