Who would think that the management of a major public out of home company would celebrate a 35% revenue decline but COVID has changed everyone’s perspective.  Here are comments of Clear Channel Outdoor Worldwide CEO William Eccleshare and CFO Brian Coleman on last Friday’s earnings call.

William Eccleshare on the third quarter:

In the third quarter, we expect consolidated company revenues percentage decline to be in the low 30s as compared to same quarter last year with Europe performing slightly better than the U.S. as it emerges soon after the pandemic lockdown. And as we continue the longer term, we are confident in our strategy and the resilience of our business.

Eccleshare on future assets sales.

Importantly, we have not a lot of sight on the key part of our strategy to further improve our capital structure, pay down debt, and unlock shareholder value. As and when economies rebound, we will continue to evaluate potential transactions, including dispositions, as long as they fairly reflect the future value of a business or a region.

CFO Brian Coleman on reducing costs reducing costs.

…we focused on three areas; site lease, compensation, and discretionary spending. About 50% of the cost savings we achieved in the second quarter are site lease savings, and about 30% are compensation, with the balance discretionary spending and other costs.

Eccleshare on why Clear Channel Americas is doing better then Clear Channel International

European inventory is primarily small format, Street Furniture, in city centers, whereas in the U.S., where much more the big billboards on the highways and that traffic has held up better in the U.S. during the pandemic…We also have a higher proportion of digital in Europe than we do in the U.S. and that made it easier for advertisers both to stop activity more quickly…

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