What Everybody Ought to Know About this: Clear Channel Outdoor Holdings, Inc. (NYSE: CCO)

On 13 Jan 2020, Clear Channel Outdoor Holdings, Inc stock identified change of 40.78% away from 52-week low price and recently located move of -49.65% off 52-week high price. CCO stock has been recorded 10.97% away from 50 day moving average and -18.86% away from 200 day moving average. Moving closer, we can see that shares have been trading 5.32% off 20-day moving average.

Clear Channel Outdoor Holdings, Inc. (CCO) recently stated financial results for the quarter ended September 30, 2019.

“We remain on track to achieve the financial guidance and outlook we provided in August. As a result of our recent capital market activities, Clear Channel Outdoor is benefiting from an improved balance sheet and reduced cash interest payments. We are investing our accessible free cash flow in attractive new assets that we see generating important returns on capital for our business. This investment represents a majority of our capital expenditure guidance for 2019. We are optimistic and believe that our strengthened financial position, combined with predictable growth in free cash flow, will provide us with greater flexibility to reduce leverage and drive shareholder value.”

Key Financial Highlights

The Company’s key financial highlights for the third quarter of 2019, as contrast to the same period of 2018, include:

Consolidated revenue reduced 1.6%. After adjusting for the impact from movements in foreign exchange rates, consolidated revenue increased 0.6%.

Operating income reduced $3.5M to $47.7M.

OIBDAN reduced 5.8%. Not Including the impact from movements in foreign exchange rates, OIBDAN reduced 5.3%.

Additionally, during the third quarter of 2019:

The Company issued 100M shares of ordinary stock in a public offering and used the net proceeds to redeem about $333.5M aggregate principal amount of 9.25% Senior Subordinated Notes due 2024 (which ceased to be subordinated indebtedness following the refinancing transactions as described below) (the “New CCWH Senior Notes”).

The Company refinanced its outstanding $2,725.0M aggregate principal amount of 6.5% Series A and Series B Senior Notes due 2022 (the “CCWH Senior Notes”) and $375.0M aggregate principal amount of 8.75% Senior Notes due 2020 (the “CCIBV Senior Notes”) with the issuance of $1,250.0M aggregate principal amount of new 5.125% Senior Secured Notes due 2027 (the “New CCOH Senior Secured Notes”) and a $2,000.0M seven-year term loan facility (the “New Term Loan Facility”).

The Company entered into a $175.0M revolving credit facility (the “New Revolving Credit Facility”) and replaced its existing receivables-based credit facility with a new $125.0M receivables-based credit facility (the “New Receivables-Based Credit Facility”).

Clear Channel Outdoor Holdings, Inc. noticed change of 2.11% to $2.9 along volume of 2769616 shares in recent session compared to an average volume of 2114.6K. CCO’s shares are at 17.89% for the quarter and driving a -46.40% return over the course of the past year and is now at 1.40% since this point in 2018. There are 462.78M shares outstanding and 462.78M shares are floated in market. Right now the stock beta is 0.8.

 

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