OUTFRONT Media's Q3 AFFO Beats Estimates, Revenues Miss

Zacks11-14

OUTFRONT Media Inc. OUT shares have risen 3.6% following its third-quarter 2024 results announced on Nov. 12. Adjusted funds from operations (AFFO) per share of 48 cents surpassed the Zacks Consensus ...

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Adjusted funds from operations (AFFO) per share of 48 cents surpassed the Zacks Consensus ...</p>\n\n<a href=\"https://finance.yahoo.com/news/outfront-medias-q3-affo-beats-150100404.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>OUTFRONT Media's Q3 AFFO Beats Estimates, Revenues Miss</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOUTFRONT Media's Q3 AFFO Beats Estimates, Revenues Miss\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-14 23:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/outfront-medias-q3-affo-beats-150100404.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>OUTFRONT Media Inc. OUT shares have risen 3.6% following its third-quarter 2024 results announced on Nov. 12. Adjusted funds from operations (AFFO) per share of 48 cents surpassed the Zacks Consensus ...</p>\n\n<a href=\"https://finance.yahoo.com/news/outfront-medias-q3-affo-beats-150100404.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OUT","symbol_name":"OUTFRONT Media Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/outfront-medias-q3-affo-beats-150100404.html","article_id":"2483386645","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/ShfhwtDyA2WzDBKdAL7M8Q--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/6f2cab89bf2cbad1966358e04258e202"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483386645","pubTimestamp":1731596460,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"OUTFRONT Media Inc. OUT shares have risen 3.6% following its third-quarter 2024 results announced on Nov. 12. Adjusted funds from operations  per share of 48 cents surpassed the Zacks Consensus Estimate of 43 cents. The metric increased 4.3% from the prior-year quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Results reflect higher average revenue per display  across its portfolio and lower operating expenses.However, quarterly revenues came in at $451.9 million, which missed the Zacks Consensus Estimate marginally. Revenues also declined marginally from the previous year's quarter number of $454.8 million.According to Jeremy Male, chairman and CEO of OUTFRONT Media, “The strength of our U.S. Media business accelerated slightly in the third quarter, with 5% revenue growth and 11% Adjusted OIBDA growth”. He added, “2024 has been a solid year thus far, and we are on track to achieve the high-end of our full-year Consolidated AFFO growth target.”In the repo","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"OUT":"OUTFRONT Media Inc."},"translate_title":"OUTFRONT Media第三季度AFFO超出预期，收入未达预期","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OUT":0.9},"content_text":"OUTFRONT Media Inc. OUT shares have risen 3.6% following its third-quarter 2024 results announced on Nov. 12. Adjusted funds from operations (AFFO) per share of 48 cents surpassed the Zacks Consensus Estimate of 43 cents. The metric increased 4.3% from the prior-year quarter.\nStay up-to-date with all quarterly releases: See Zacks Earnings Calendar.\nResults reflect higher average revenue per display (yield) across its portfolio and lower operating expenses.\nHowever, quarterly revenues came in at $451.9 million, which missed the Zacks Consensus Estimate marginally. Revenues also declined marginally from the previous year's quarter number of $454.8 million.\nAccording to Jeremy Male, chairman and CEO of OUTFRONT Media, “The strength of our U.S. Media business accelerated slightly in the third quarter, with 5% revenue growth and 11% Adjusted OIBDA growth”. He added, “2024 has been a solid year thus far, and we are on track to achieve the high-end of our full-year Consolidated AFFO growth target.”\nOUT’s Q3 in Detail\nDuring the reported quarter, billboard revenues were $360.6 million, reflecting a year-over-year decline of 0.8%. Revenues were impacted by the transaction relating to the Canadian asset sale, partially offset by an increase in average revenue per display, the impact of new and lost billboards in the period, including insignificant acquisitions and higher proceeds from condemnations.\nThe company’s transit and other revenues of $91.3 million increased 0.1% from the year-ago quarter. The rise was due to an increase in average revenue per display, partially offset by the impact of the transaction relating to the Canadian asset sale and the impact of new and lost transit franchise contracts in the period.\nOperating expenses were $233.1 million, which decreased 2.8% year over year. The decline was due to the impact of the Canadian asset sale, lower variable property lease expenses, the net impact of new and lost transit franchise expenses, lower posting, maintenance and other expenses. These were partially offset by higher guaranteed minimum annual payments to the New York Metropolitan Transportation Authority and the impact of new locations, including through acquisitions.\nNet interest expenses of $37.1 million decreased 7.7% from $40.2 million in the prior-year period due to a lower debt balance, partially offset by higher interest rates. The weighted average cost of debt, as of Sept. 30, 2024, was 5.5% remaining unchanged from the prior-year period.\nOUT’s Cash Flow & Balance Sheet\nNet cash flow provided by operating activities for the nine months ended Sept. 30, 2024, was $174.7 million, which increased from $149.2 million in the prior-year period.\nAs of Sept. 30, 2024, OUTFRONT Media’s liquidity position comprised unrestricted cash of $28 million and $494.3 million of availability under its $500 million revolving credit facility, net of $5.7 million of issued letters of credit.\nIn the reported quarter, no shares of the company's common stock were sold under its at-the-market (ATM) equity program. It had $232.5 million available under the ATM program at the quarter’s end.\nOUT’s Dividend Update\nConcurrent with its third-quarter earnings release, OUTFRONT Media announced a special dividend on its common stock of 75 cents per share. The dividend will be paid out on Dec. 31 to its shareholders of record as of Nov. 15, 2024.\nThe company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.\n\nOUTFRONT Media Inc. Price, Consensus and EPS Surprise\n\nOUTFRONT Media Inc. price-consensus-eps-surprise-chart | OUTFRONT Media Inc. Quote\n\nPerformance of Other REITs\nLamar Advertising Company LAMR reported a third-quarter 2024 AFFO per share of $2.15, which missed the Zacks Consensus Estimate of $2.21. The reported figure increased by 5.4% from the prior-year quarter’s tally.\nResults reflected year-over-year growth in the top line, though higher expenses acted as a dampener. The company experienced strength in local and programmatic sales.  LAMR also raised its 2024 outlook for AFFO per share.\nCousins Properties CUZ reported a third-quarter 2024 FFO per share of 67 cents, in line with the Zacks Consensus Estimate. The figure improved by 3.1% on a year-over-year basis.\nResults reflected strong leasing activity and higher rent realizations amid rising demand for office spaces. However, the rise in interest expenses year over year undermined the results to some extent. CUZ also raised its 2024 outlook for FFO per share.\nNote: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nLamar Advertising Company (LAMR) : Free Stock Analysis Report\nCousins Properties Incorporated (CUZ) : Free Stock Analysis Report\nOUTFRONT Media Inc. (OUT) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483386645"}