Outfront Media Inc. Reports Q3 2024 Net Income of $34.6 Million, a Decrease from $176.8 Million in Q2 2024
Reuters
Aug 06
Outfront Media Inc. Reports Q3 2024 Net Income of $34.6 Million, a Decrease from $176.8 Million in Q2 2024
Outfront Media Inc. has released its recent financial results, showing a significant fluctuation in net income attributable to the company. For the quarter ending September 30, 2024, Outfront Media reported a net income of $34.6 million, a decrease from $176.8 million in the previous quarter. This follows a net loss of $27.2 million in the first quarter of 2024. The company's net income for the quarter ending June 30, 2023, was a loss of $478.9 million, highlighting the volatility in their financial performance over the past year. Depreciation of billboard advertising structures was also reported, with $14.0 million in the third quarter of 2024, an increase from $13.5 million in the second quarter of 2024. Outfront Media has identified an accounting error related to noncontrolling interests in its consolidated joint ventures, which are expected to be revised in future filings. There was no specific outlook or guidance provided for future performance in the released results.
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