OUTFRONT Media Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing a mixed performance in revenue and significant improvements in profitability compared to the previous fiscal period.
For the third quarter of 2024, total revenues reached $451.9 million, a slight decrease from $454.8 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenues increased to $1,337.7 million, up from $1,319.4 million year-over-year. The U.S. Media segment, which includes billboard and transit advertising, saw revenues rise to $451.5 million for the third quarter, compared to $428.7 million in 2023, marking a 5.3% increase. Billboard revenues specifically increased to $360.6 million, reflecting a 5% rise from the previous year.
Operating income for the third quarter improved significantly to $71.3 million, up 22% from $58.6 million in 2023. For the nine-month period, operating income surged to $314.4 million, a substantial recovery from an operating loss of $(364.2) million in the same period of 2023. Net income attributable to OUTFRONT Media for the third quarter was $34.6 million, a 104% increase from $17.0 million in the prior year. For the nine months, net income was $184.2 million, recovering from a loss of $(485.6) million in 2023.
Total expenses for the third quarter decreased to $380.6 million from $396.2 million in the prior year, while for the nine months, expenses dropped significantly to $1,023.3 million from $1,683.6 million in 2023. This reduction in expenses contributed to the improved profitability metrics.
The company’s balance sheet showed total assets of $5,203.6 million as of September 30, 2024, down from $5,582.9 million at the end of 2023. Total liabilities also decreased to $4,450.5 million from $4,852.8 million, while total stockholders’ equity rose to $618.2 million from $577.3 million.
Strategically, OUTFRONT Media sold its Canadian operations on June 7, 2024, for C$410.0 million, which is expected to enhance its focus on the U.S. market. The company also reported a significant reduction in long-term debt, which decreased to $2,481.4 million from $2,676.5 million at the end of 2023, following a $200.0 million prepayment on its term loan.
Overall, OUTFRONT Media's financial results for the third quarter and nine months reflect a recovery in profitability and strategic repositioning, despite slight fluctuations in revenue.
About OUTFRONT Media Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.