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Originally published Tuesday, May 11, 2010 at 10:19 AM

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Clear Channel shares climb after 1Q results

Shares of Clear Channel Outdoor Holdings Inc. got a boost Tuesday after the billboard advertising company posted a smaller first-quarter loss and higher revenue, surpassing Wall Street's expectations.

The Associated Press

NEW YORK —

Shares of Clear Channel Outdoor Holdings Inc. got a boost Tuesday after the billboard advertising company posted a smaller first-quarter loss and higher revenue, surpassing Wall Street's expectations.

For the three months ended March 31, the company posted a loss of $47.8 million, or 14 cents per share, compared with a loss of $87.9 million, or 25 cents per share, in the same period a year earlier.

Revenue rose 5 percent to $608.8 million from $582.2 million.

Analysts, on average, were expecting a loss of 16 cents per share on revenue of $586 million, according to a poll by Thomson Reuters.

"Our first-quarter results reflect the market leadership of our asset base in an improving advertising environment, as well as the positive impact of our restructuring initiatives," said CEO Mark Mays in a statement.

Shares of San Antonio-based Clear Channel Outdoor rose 31 cents, or 2.9 percent, to $11.04 in midday trading. In the past 52 weeks, the stock has traded between $3.32 and $13.25.

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