Clear Channel Outdoor Holdings Inc (CCO) stock plunged 8.15% in pre-market trading on Monday, following the company's release of its fourth quarter and full-year 2024 financial results.
The outdoor advertising company reported revenue of $426.7 million for the fourth quarter, an increase of 2.6% year-over-year. However, this figure missed analysts' expectations of $592.5 million. Adjusted EBITDA came in at $144.8 million, below the consensus estimate of $158.6 million.
A key factor impacting Clear Channel's revenue was the sale of its businesses in Europe-North and Latin America, which were classified as discontinued operations. The company completed the sale of its Mexico, Peru, and Chile businesses in February 2025 for $20 million, while the sale of the Europe-North segment to Bauer Radio Limited for $625 million is expected to close in 2025, pending regulatory approvals.
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