Total operating income soared 25% from $353.6 million to $443.1 million.
These strong results were due to growth in both sectors. Clear Channel Radio's total revenues increased 6% from $703.2 million to $743 million, buoyed by increases in local and national ad revenues across categories including automotive, political, financial services and health care.
Its domestic outdoor business saw revenues increase 7% to $333.3 million, as revenues grew 4% at its international outdoor business to $361.8 million. For the first nine months of 2010, total revenues have increased 5% to $4.2 billion.
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In addition to slow improvement in the broader economy, the third-quarter results partly reflect the stringent cost-cutting measures implemented by Clear Channel over the last few years, including several waves of downsizing. From January-May of 2009, 2,810 employees were laid off, representing about 12% of the workforce; the company currently employs just over 20,000 people.
Clear Channel also cut costs with the sale of several hundred smaller and mid-sized radio stations beginning in 2007. The company currently operates about 850 radio stations around the U.S., down from about 1,200 stations in 2006.