Arturo R. Moreno, a significant shareholder in Clear Channel Outdoor (NYSE:CCO) Holdings, Inc. (NYSE:CCO), recently acquired 500,000 shares of the company's common stock. The transactions took place on November 4 and 5, 2024, with purchase prices ranging from $1.45 to $1.46 per share. This acquisition represents a total investment of approximately $727,500.
Following these transactions, Moreno's direct ownership in Clear Channel Outdoor has increased, with a total of 52,432,534 shares now held. These purchases highlight Moreno's continued investment interest in the advertising services company, headquartered in San Antonio, Texas.
In other recent news, Clear Channel Outdoor Holdings reported a 6.1% year-over-year increase in Q3 2024 revenue, reaching $559 million. Despite a net loss of $32 million, the company's adjusted EBITDA rose by 2.6% to $143 million. A noteworthy development is Clear Channel's 15-year contract with the New York MTA and its plans to strategically exit European operations.
Looking ahead, the company projects Q4 2024 consolidated revenue between $628 million and $653 million, with full-year revenue guidance ranging from $2.222 billion to $2.247 billion. These figures indicate a 4% to 6% increase in full-year revenue. Adjusted EBITDA for the year is expected to range from $560 million to $580 million, with AFFO guidance between $90 million and $105 million.
In terms of capital expenditures, Clear Channel anticipates spending between $130 million to $140 million, primarily on digital expansion in the U.S. These projections and strategic developments reflect the recent activities and future directions of Clear Channel Outdoor Holdings.
InvestingPro Insights
Arturo R. Moreno's recent acquisition of Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares aligns with some interesting financial metrics and insights from InvestingPro. The company's stock has shown significant momentum, with a 45.54% price total return over the past year and a notable 8.67% return in just the last week. This recent performance may have influenced Moreno's decision to increase his stake.
However, potential investors should be aware of some challenges facing the company. According to InvestingPro Tips, Clear Channel Outdoor operates with a significant debt burden and has not been profitable over the last twelve months. The company's P/E ratio stands at -5.75, reflecting these profitability concerns. Additionally, analysts do not anticipate the company will be profitable this year.
Despite these challenges, Clear Channel Outdoor has shown some positive financial indicators. The company's revenue for the last twelve months as of Q3 2023 was $2.23 billion, with a revenue growth of 8.46% over the same period. The company also maintains a healthy gross profit margin of 48.27%.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 6 more tips available for Clear Channel Outdoor. These additional tips could provide valuable context for understanding Moreno's investment decision and the company's overall financial health.
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