Clear Cheers Blue Skies But Leaves Door Open for Sell Off
CCO Paints Rosier Picture Yet Will Continue Review and Consider Potential Asset or Operational Divestitures
Clear Cheers Blue Skies —Leaves Door Open for Asset Sell Off
Clear Channel Outdoor is forecasting bluer skies for revenues in the US. Yet it does not sound like real peace of mind for the ground troops, as many hoped from the ‘iHeart divorce’.
CCO CFO, Brian Coleman says, “We believe the strength in our Americas division will continue throughout the second half of 2019 even though it will be facing more challenging year-over-year comparables. We anticipate revenue and OIBDAN growth in the Americas to be in the mid-to-high single digits during the second half of 2019.
Coleman adds the caveat, “the Company will continue to review and consider opportunities to unlock shareholder value, which may include, among other things, a review of potential asset or operational divestitures intended to accelerate deleveraging and growth in free cash flow.”
Coleman goes on to say for “2019 we expect our consolidated capital expenditures to be in the $225 million to $235 million range, a slight increase over prior years due primarily to incremental investments in our European operations, including the Paris street furniture contract.”
Read the full Clear Channel Outdoor release here⇒Clear Channel Outdoor Holdings, Inc. Comments on Benefits From Recent Capital Market Activities and Provides Guidance for the Second Half of 2019