Clear Channel Outdoor Holdings, Inc. (CCO) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $101.50 million in the quarter, against a net loss of $41.38 million in the last year period.
Revenue during the quarter dropped 5.91 percent to $726.47 million from $772.06 million in the previous year period. Gross margin for the quarter expanded 59 basis points over the previous year period to 50.48 percent. Total expenses were 65.47 percent of quarterly revenues, down from 84.94 percent for the same period last year. This has led to an improvement of 1947 basis points in operating margin to 34.53 percent.
Operating income for the quarter was $250.87 million, compared with $116.28 million in the previous year period.
"We continue to invest in transforming our Americas and International outdoor businesses to more effectively compete in an increasingly digital world," said Bob Pittman, Executive chairman and chief executive officer of Clear Channel Outdoor Holdings, Inc. "Both Americas outdoor and International outdoor made great progress in building out their industry-leading data-rich, analytics capabilities and programmatic ad-buying solutions to do business in the same way that the advertising industry does today while expanding their digital networks and winning new contracts."
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