Outfront Media Q4 2023 Earnings Report
Key Takeaways
OUTFRONT Media Inc. reported Q4 2023 results with revenues of $501.2 million, a net income of $60.4 million, and earnings per diluted share of $0.35. The company's local business and automated sales channels showed strength, offsetting headwinds from media strikes. They also approved a quarterly cash dividend of $0.30 per share.
Revenues for the fourth quarter reached $501.2 million.
Net income attributable to OUTFRONT Media Inc. was $60.4 million, with earnings per diluted share at $0.35.
Adjusted OIBDA stood at $151.7 million.
AFFO attributable to OUTFRONT Media Inc. was $108.1 million.
Outfront Media
Outfront Media
Outfront Media Revenue by Segment
Outfront Media Revenue by Geographic Location
Forward Guidance
OUTFRONT Media anticipates a strong media market in 2024, expecting to benefit from an accelerating business environment.
Positive Outlook
- Business is accelerating in early 2024.
- Anticipation of benefiting from a strong media market.
- Strength in our local business
- Strength in automated sales channels
- Out-of-home industry will benefit from a strong media market this year
Challenges Ahead
- Headwind created by the media strikes.
- Impairment charge of $11.2 million in the fourth quarter of 2023
- Higher interest rates
- Higher debt balance
- Total indebtedness as of December 31, 2023 was $2.8 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income