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Jun 30, 2023
Outfront Media Q2 2023 Earnings Report
Reported second quarter 2023 results with revenues of $468.8 million and an operating loss of $438.2 million.
Key Takeaways
OUTFRONT Media Inc. reported a 4.1% increase in revenues to $468.8 million for the second quarter of 2023. However, the company experienced a significant operating loss of $438.2 million, which includes a $511.4 million impairment on U.S. Transit and Other assets, and a net loss of $478.9 million.
Second quarter revenues grew 4%, driven by higher billboard yields and growth from local and national businesses.
Operating loss of $438.2 million includes $511.4 million impairment taken on U.S. Transit and Other.
Net loss attributable to OUTFRONT Media Inc. was $478.9 million.
Adjusted OIBDA decreased to $122.2 million.
Revenue by Segment
Forward Guidance
The company expects modest growth in the third quarter but anticipates some impact from ongoing strikes within the media industry, particularly in the transit business.
Positive Outlook
- Long-term opportunity for the business and the out of home industry remains exciting.
- Anticipates growth in the third quarter.
- Focus on billboard growth.
- Focus on transit growth.
- Focus on mobile assets growth.
Challenges Ahead
- Expecting modest growth in the third quarter.
- Seeing some impact from the ongoing strikes within the media industry in the second half.
- Impact is particularly in the transit business.
- Revenue pacing and outlook for the remainder of 2023 reflects a continued decline in transit revenues.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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