NEW YORK — A day after demoting its top radio exec, Clear Channel Communications said it swung sharply to the black for the latest quarter on stronger radio ad sales and one-time gains.
The radio, live-event and outdoor advertising giant announced results Wednesday, a week ahead of schedule, as it sought to counter a sharp dive in its stock price following the surprise exit of the high-profile Randy Michaels Monday.
Michaels will now run the San Antonio company’s new-media division.
Clear Channel shares fell more than 16% Tuesday.
On Wednesday, the stock closed up 38¢, or 1.52%, to $28.38 as the company said net profit increased to $238 million for the second quarter, compared with a loss of $237 million the year before.
The figure includes about $21 million in pretax gains from the sale of assets and a litigation settlement.
Radio revs rise
Total revenue was about flat at $2.2 billion, but radio revenues rose 5% to $991 million for the period. Company cited stronger national ad sales in categories like autos, consumer products, retail, fast food and travel.
With 1,200 stations, Clear Channel is the largest station owner in the nation.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $627 million, from $611 million a year ago.
Clear Channel predicted third-quarter cash flow of $570 million-$585 million, with $2.05 billion-$2.10 billion for the full year.