National Ad Increase Lifts Cox Radio’s Profit
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Cox Radio Inc. said second-quarter earnings rose 3.4% as national advertising sales increased.
Net income climbed to $18.1 million, or 18 cents a share, from $17.5 million, or 17 cents, a year earlier, the Atlanta-based company said. Revenue increased 1.2% to $115.2 million.
National advertisers spent 8% more with Cox’s radio stations than in the same quarter last year, the company said. That helped offset a drop in local advertising.
Cox was expected to earn 17 cents a share, the average forecast of analysts surveyed by Thomson First Call. Revenue was forecast to increase to $115.1 million.
Cox shares rose 27 cents to $22.02 on the NYSE.
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