Bucking the downturn in ad sales, Atlanta-headquartered Cox Radio, America’s fourth-largest radio operator, reported Q1 profits on par with analysts’ expectations.
In the quarter to December 31, Cox achieved $4.7 million, 5 cents per share, after exceptional costs. This contrasts with a profit of $8.7m, 10 cents a share, in the same period last year.
The radio giant, which owns and runs over 80 stations in eighteen US markets was bullish about prospects, both for its second quarter and the remainder of the fiscal, forecasting a pro forma revenue increase of up to 3% during Q2 and 10%-12% for the year as a whole.
"I think they posted great numbers in a difficult environment," commented analyst Alissa Graham of William Blair & Co, which maintained its ‘long-term buy’ rating on Cox stock.
News source: New York Times