Lamar revenues declined 22% during the second quarter 2020. Revenues have improved but the company projects revenues will be down 13-14% for the full year 2020. Here are the results from Lamar’s 2Q 2020 earnings release. Revenues declined 22% to $347 during the second quarter of 2020. CEO Sean Reilly […]
OUTFRONT’s urban and transit plant had a 49% drop in revenue and cashflow during the second quarter of 2020 and CEO Jeremy Male expect third quarter revenues to be down 35-40% from the prior year. Here are the results from the OUTFRONT earnings release, OUTFRONT investor presentation and OUTFRONT earnings call. […]
PJ Solomon issued its 2020 advertising trends reports yesterday. Here’s a page from the report summarizing 2020 forecasts for out of home. Industry revenues will be down 15-20% in 2020. OUTFRONT and Clear Channel Outdoor will be hit harder than Lamar because they have more concentration in international, urban, transit […]
Jean-Francois Decaux’s comments on last seek’s JCDecaux earnings call highlighted the uncertainty as to how fast transit and airport advertising markets will recover from covid. Here are two slides which illustrate the company’s predicament together with Jean-Francois Decaux’s comments. Many JCDecaux’s transit markets haven’t recovered. As of last week, you […]
JCDecaux released first half 2020 financials yesterday and the results weren’t pretty for this urban out of home and transit advertising company. We’ve translated the financials from euros to dollars. JCDecaux Financials for first half of 2020 (million’s) Revenues declined by 42% to $1.2 billion of the first 6 months […]
Clear Channel’s private debt offering was a success. The issue was increased from $350 to $375 million. The notes were priced at 6.25%. Closing is scheduled for August 4, 2020. Clear Channel Outdoor stock closed flat on a day when Lamar was up 2%, OUTFRONT was up 2% and the […]
Clear Channel Outdoor Holdings announced that its international subsidiary Clear Channel International B.V. plans to issue $350 million in Senior Secured Notes due 2025 (the “Notes”) in a private placement. The notes will be secured by some international assets but will not have a claim against the company’s North American […]
US out of home stocks had an outstanding quarter as traffic rebounded and the economy began to open back up from Covid closures. Clear Channel Outdoor (blue), Lamar (green), OUTFRONT (purple) and S&P 500 (black) stock performance April-June, 2020 Clear Channel Outdoor increased 85% to $1.04 during the quarter versus […]
The out of home debt markets have been remarkably resilient during the Covid. Clear Channel just amended its credit agreement to get more flexibility. OUTFRONT did the same in April. Lamar expects to come through the downturn without asking for any covenants amendments from its lenders and it raised $400 […]
Here is a portion of yesterday’s press release from Clear Channel Outdoor. SAN ANTONIO, June 15, 2020 /PRNewswire/ — Clear Channel Outdoor Holdings, Inc. (CCO) (the “Company”) today announced that it has entered into an amendment (the “Amendment”) to the Company’s credit agreement, dated as of August 23, 2019 (the […]
