CCO - Clear Channel rallies 11% on raising Q4 guidance reviews strategic European Business alternatives

Clear Channel Outdoor (NYSE:CCO) trades 11.5% higher premarket after board authorized a review of strategic alternatives for its European business, including a possible sale. "We believe now is the right time to explore options for  our European business, which delivered significant improvements in revenue performance in Q3, and we now expect Europe revenue in Q4 to exceed our results in the same period of 2019," CEO William Eccleshare commented. There can be no assurance that the strategic review process will lead to any transaction or particular outcome. The company updated its Q4 guidance wherein it raised consolidated revenue from between $715M and $740M to be between $730M and $750M compared to 2019 consolidated Q4 revenue of $717M; consensus estimates for revenue stands at $727.56M. Reaffirmed Americas revenue, which is now expected to be on the higher end of the range of $360M and $370M vs. 2019 Americas Q4 revenue of $345M; raised Europe revenue from between $335M and $350M to now

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Clear Channel rallies 11% on raising Q4 guidance, reviews strategic European Business alternatives