Clear Channel Reports Higher 2Q Profit The Associated Press
Tuesday, July 29, 2003; 1:45 PM
SAN ANTONIO - Radio station giant Clear Channel Communications Inc. on Tuesday reported its second-quarter earnings rose 5.5 percent from a year ago, matching analysts' expectations.
The San Antonio-based media company earned $251.3 million, or 41 cents per share, in the three months ended June 30 versus earnings of $238 million, or 39 cents a share, a year ago.
The latest results included pretax gains of 4 cents a share stemming mainly from early debt retirement. Excluding one-time items, it earned 37 cents a share for the quarter.
The consensus forecast of industry analysts surveyed by Thomson First Call was for earnings of 37 cents per share before one-time items.
Revenue was $2.32 billion in the period, up from $2.17 billion in 2002.