Clear Channel’s profit rises 51%

Radio station and billboard advertising leader Clear Channel Communications Inc. said third-quarter earnings surged 51% as outdoor advertising revenue continued to grow sharply.

Net income for the July-September period climbed to $279.7 million, or 56 cents a share, from $185.9 million, or 38 cents, a year earlier.

Analysts surveyed by Thomson Financial had expected profit of 38 cents, on average.

The company agreed in April to sell its 56 TV stations. Excluding those operations, earnings rose 51% to $256.3 million, or 52 cents a share, from $169.8 million, or 34 cents, last year.

Revenue rose 5% to $1.73 billion. A favorable exchange rate added $32.4 million to the total. Excluding the foreign exchange boost, revenue rose 3%. Analysts surveyed by Thomson expected $1.77 billion.

Clear Channel shares lost $1.06, or 3%, to $34.85.