Clear Channel Radio Revenue Up 5%

Clear Channel reported revenues of $1.8 billion in the third quarter, up 7% from the same period last year.
CEO Mark Mays said the radio division “once again outperformed the industry.” Radio broadcasting revenues increased 5% during the third quarter, “primarily from an increase in national advertising revenues, driven by increases in yield and average unit rates.”
The company said the number of 30- and 15-second commercials aired as a percentage of total minutes sold increased; and its top 50 markets grew revenues at a higher percentage than other markets.
JP Morgan analysts John Blackledge and Aaron Chew said Clear Channel’s results were mixed due to higher operating expenses, but said the company’s stock valuation remains “compelling.”