Overview
OUTFRONT Media Q3 revenue grows 3.5%, beating analyst expectations
Adjusted FFO for Q3 beats analyst estimates, reflecting strong operational performance
Transit segment revenue rises 23.7%, driven by NYC performance
Outlook
OUTFRONT Media expects to close the year with momentum
Company sees continued strength in transit revenues
Result Drivers
TRANSIT REVENUE - Transit segment revenues increased 23.7% due to higher average revenue per display and new transit franchise contracts
BILLBOARD REVENUE DECLINE - Billboard segment revenues decreased 2.2% due to lost billboards and lower proceeds from condemnations
COST MANAGEMENT - Operating expenses decreased due to lower variable property lease expenses
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $467.50 mln | $458.32 mln (5 Analysts) |
Q3 EPS | $0.29 | ||
Q3 Net Income | $51.30 mln | ||
Q3 Adjusted FFO | Beat | $100.30 mln | $0.41 (4 Analysts) |
Q3 FFO | $99.70 mln | ||
Q3 Operating Income | $89.90 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the specialized reits peer group is "buy"
Wall Street's median 12-month price target for OUTFRONT Media Inc is $20.00, about 12.1% above its November 5 closing price of $17.59
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 21 three months ago
Press Release: ID:nPnbM50NQa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)